Performant Financial (NASDAQ:PFMT) Now Covered by Analysts at StockNews.com

StockNews.com started coverage on shares of Performant Financial (NASDAQ:PFMT) in a research report issued to clients and investors on Friday. The brokerage set a “sell” rating on the business services provider’s stock.

Other equities research analysts also recently issued reports about the stock. B. Riley lowered their price objective on shares of Performant Financial from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Craig Hallum raised Performant Financial to a “strong-buy” rating in a research report on Tuesday, October 1st.

Performant Financial Price Performance

The company’s 50-day simple moving average is $3.49 and its 200-day simple moving average is $3.37. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.11. Performant Financial has a 1 year low of $2.37 and a 1 year high of $4.35. The firm has a market cap of $278.72 million, a price-to-earnings ratio of -35.60 and a beta of 0.09.

Performant Financial (NASDAQ:PFMT) last posted its quarterly earnings data on Wednesday, November 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The firm had revenue of $31.52 million for the quarter, compared to the consensus estimate of $31.70 million. Performant Financial had a negative net margin of 6.74% and a negative return on equity of 10.19%. During the same quarter in the prior year, the company posted ($0.01) earnings per share. On average, analysts expect that Performant Financial will post -0.13 EPS for the current year.

Institutional Trading of Performant Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC increased its stake in shares of Performant Financial by 195.3% in the third quarter. Barclays PLC now owns 111,507 shares of the business services provider’s stock worth $417,000 after acquiring an additional 73,748 shares during the period. Geode Capital Management LLC boosted its holdings in Performant Financial by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,626,437 shares of the business services provider’s stock valued at $6,084,000 after purchasing an additional 70,080 shares during the last quarter. State Street Corp grew its position in Performant Financial by 0.7% during the 3rd quarter. State Street Corp now owns 1,105,259 shares of the business services provider’s stock worth $4,134,000 after purchasing an additional 7,990 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Performant Financial during the 3rd quarter valued at about $53,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Performant Financial by 55.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 69,440 shares of the business services provider’s stock valued at $260,000 after buying an additional 24,803 shares during the period. 77.15% of the stock is currently owned by institutional investors and hedge funds.

Performant Financial Company Profile

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.