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

Stock analysts at StockNews.com initiated coverage on shares of Performant Financial (NASDAQ:PFMT) in a note issued to investors on Tuesday. The firm set a “sell” rating on the business services provider’s stock.

PFMT has been the subject of a number of other reports. 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 report on Thursday, November 7th. Craig Hallum raised Performant Financial to a “strong-buy” rating in a research report on Tuesday, October 1st.

Performant Financial Stock Performance

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

Performant Financial (NASDAQ:PFMT) last issued 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 during the quarter, compared to analyst estimates 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 last year, the company earned ($0.01) EPS. As a group, sell-side analysts forecast that Performant Financial will post -0.13 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in shares of Performant Financial by 12.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 526,277 shares of the business services provider’s stock valued at $1,526,000 after acquiring an additional 60,300 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased 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 acquiring an additional 24,803 shares during the period. SG Americas Securities LLC purchased a new position in shares of Performant Financial in the 3rd quarter valued at $91,000. CWC Advisors LLC. purchased a new position in shares of Performant Financial in the 3rd quarter valued at $271,000. Finally, Mirador Capital Partners LP increased its holdings in shares of Performant Financial by 0.7% in the 3rd quarter. Mirador Capital Partners LP now owns 2,065,131 shares of the business services provider’s stock valued at $7,724,000 after acquiring an additional 13,936 shares during the period. 77.15% of the stock is currently owned by hedge funds and other institutional investors.

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.