Performant Financial (NASDAQ:PFMT) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of Performant Financial (NASDAQ:PFMT) in a report issued on Sunday morning. The brokerage issued a sell rating on the business services provider’s stock.

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

Performant Financial Stock Performance

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

Performant Financial (NASDAQ:PFMT) last announced its quarterly earnings results on Wednesday, November 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 period in the prior year, the firm posted ($0.01) earnings per share. On average, research analysts forecast that Performant Financial will post -0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Performant Financial

A number of institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd purchased a new position in Performant Financial in the third quarter worth $53,000. SG Americas Securities LLC bought a new position in shares of Performant Financial during the 3rd quarter valued at about $91,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Performant Financial by 55.6% during 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 in the last quarter. CWC Advisors LLC. bought a new stake in Performant Financial in the 3rd quarter worth approximately $271,000. Finally, Rhumbline Advisers boosted its stake in Performant Financial by 32.1% in the second quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider’s stock worth $246,000 after buying an additional 20,637 shares in the last quarter. 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.