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

StockNews.com assumed coverage on shares of Performant Financial (NASDAQ:PFMT) in a research report sent to investors on Tuesday. The brokerage issued a sell rating on the business services provider’s stock.

Other analysts have also issued research reports about the company. 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 report on Thursday, November 7th. Craig Hallum raised Performant Financial to a “strong-buy” rating in a research note on Tuesday, October 1st.

Performant Financial Price Performance

The company has a fifty day moving average of $3.49 and a two-hundred day moving average of $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 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 has a 1 year low of $2.37 and a 1 year high of $4.35.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PFMT. Barclays PLC grew its holdings in shares of Performant Financial by 195.3% during the 3rd quarter. Barclays PLC now owns 111,507 shares of the business services provider’s stock valued at $417,000 after acquiring an additional 73,748 shares in the last quarter. Geode Capital Management LLC grew 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 purchasing an additional 70,080 shares in the last quarter. State Street Corp increased its position in Performant Financial by 0.7% in 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 last quarter. Quadrature Capital Ltd purchased a new stake in shares of Performant Financial during the 3rd quarter worth about $53,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted 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 during the last quarter. Institutional investors and hedge funds 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.