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

StockNews.com started coverage on shares of Performant Financial (NASDAQ:PFMT) in a research report released on Friday. The firm issued a sell rating on the business services provider’s stock.

PFMT has been the topic of a number of other reports. Craig Hallum raised shares of Performant Financial to a “strong-buy” rating in a research report on Tuesday, October 1st. B. Riley decreased their target price on Performant Financial from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 7th.

Performant Financial Price Performance

The company’s fifty day moving average is $3.49 and its 200-day moving average is $3.37. 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 has a 12-month low of $2.37 and a 12-month high of $4.35. The firm has a market capitalization of $278.72 million, a PE ratio of -35.60 and a beta of 0.09.

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

Institutional Trading of Performant Financial

A number of hedge funds have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new position in shares of Performant Financial in the 3rd quarter valued at $53,000. SG Americas Securities LLC purchased a new position in shares of Performant Financial in the 3rd quarter worth $91,000. Rhumbline Advisers boosted 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 acquiring an additional 20,637 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Performant Financial by 55.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 69,440 shares of the business services provider’s stock valued at $260,000 after acquiring an additional 24,803 shares during the period. Finally, CWC Advisors LLC. purchased a new stake in Performant Financial during the third quarter valued at about $271,000. 77.15% of the stock is 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.