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

Equities researchers at StockNews.com started coverage on shares of Performant Financial (NASDAQ:PFMT) in a report issued on Sunday. The firm set a “sell” rating on the business services provider’s stock.

Several other analysts have also issued reports on PFMT. Craig Hallum upgraded Performant Financial to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley dropped their target price on Performant Financial from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 7th.

Performant Financial Price Performance

The company has a market capitalization of $278.72 million, a price-to-earnings ratio of -35.60 and a beta of 0.09. The firm has a 50 day moving average price of $3.49 and a 200-day moving average price of $3.37. Performant Financial has a twelve month low of $2.37 and a twelve month high of $4.35. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.11.

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

Institutional Trading of Performant Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. First Eagle Investment Management LLC raised its stake in Performant Financial by 1.7% in the second quarter. First Eagle Investment Management LLC now owns 2,256,841 shares of the business services provider’s stock valued at $6,545,000 after buying an additional 37,500 shares during the period. Mirador Capital Partners LP raised its stake in Performant Financial by 0.7% in the third quarter. Mirador Capital Partners LP now owns 2,065,131 shares of the business services provider’s stock valued at $7,724,000 after buying an additional 13,936 shares during the period. Geode Capital Management LLC raised its stake 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 buying an additional 70,080 shares during the period. State Street Corp raised its stake in Performant Financial by 0.7% in the third quarter. State Street Corp now owns 1,105,259 shares of the business services provider’s stock valued at $4,134,000 after buying an additional 7,990 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Performant Financial by 12.9% in the second quarter. Dimensional Fund Advisors LP now owns 526,277 shares of the business services provider’s stock valued at $1,526,000 after buying an additional 60,300 shares during the period. Institutional investors own 77.15% of the company’s stock.

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.