Performant Financial (NASDAQ:PFMT) Share Price Passes Above Two Hundred Day Moving Average – What’s Next?

Performant Financial Co. (NASDAQ:PFMT) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.20 and traded as high as $3.96. Performant Financial shares last traded at $3.87, with a volume of 75,394 shares changing hands.

Wall Street Analysts Forecast Growth

PFMT has been the topic of a number of recent analyst reports. B. Riley initiated coverage on Performant Financial in a report on Thursday, July 25th. They issued a “buy” rating and a $8.00 price objective on the stock. Craig Hallum upgraded Performant Financial to a “strong-buy” rating in a research note on Tuesday, October 1st.

Performant Financial Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.11, a current ratio of 2.65 and a quick ratio of 2.65. The business has a 50 day simple moving average of $3.65 and a 200 day simple moving average of $3.20. The company has a market capitalization of $297.81 million, a price-to-earnings ratio of -43.00 and a beta of 0.13.

Performant Financial (NASDAQ:PFMT) last posted its quarterly earnings data on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Performant Financial had a negative return on equity of 8.11% and a negative net margin of 5.32%. The business had revenue of $29.36 million for the quarter, compared to analyst estimates of $28.20 million. During the same quarter in the prior year, the company earned ($0.05) earnings per share. As a group, equities analysts predict that Performant Financial Co. will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of Performant Financial

A number of large investors have recently modified their holdings of PFMT. SG Americas Securities LLC purchased a new position in Performant Financial in the third quarter valued at $91,000. BNP Paribas Financial Markets increased its holdings in Performant Financial by 170.0% in the first quarter. BNP Paribas Financial Markets now owns 50,358 shares of the business services provider’s stock valued at $148,000 after buying an additional 31,710 shares during the last quarter. Rhumbline Advisers increased its holdings in Performant Financial by 32.1% in the second quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider’s stock valued at $246,000 after buying an additional 20,637 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Performant Financial by 18.4% in the second quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider’s stock valued at $581,000 after buying an additional 31,075 shares during the last quarter. Finally, Kent Lake Capital LLC purchased a new position in Performant Financial in the first quarter valued at $588,000. Hedge funds and other institutional investors own 77.15% of the company’s stock.

About Performant Financial

Performant Financial Corporation provides technology-enabled audit, recovery, and analytics services in the United States. The company identifies improper payments resulting from incorrect coding, procedures that were not medically necessary, incomplete documentation or claims submitted based on outdated fee schedules, and coverage discrepancies; and provides first party call center and other outsourced services.