Performant Financial (NASDAQ:PFMT) Stock Passes Above Two Hundred Day Moving Average of $3.04

Performant Financial Co. (NASDAQ:PFMT)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.04 and traded as high as $3.88. Performant Financial shares last traded at $3.78, with a volume of 90,469 shares traded.

Wall Street Analysts Forecast Growth

Separately, B. Riley began coverage on Performant Financial in a research note on Thursday, July 25th. They issued a “buy” rating and a $8.00 target price for the company.

Performant Financial Trading Down 1.3 %

The company has a market cap of $290.88 million, a price-to-earnings ratio of -42.00 and a beta of 0.13. The firm has a 50-day moving average price of $3.35 and a 200 day moving average price of $3.04. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.11.

Performant Financial (NASDAQ:PFMT) last announced its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $29.36 million for the quarter, compared to the consensus estimate of $28.20 million. Performant Financial had a negative return on equity of 8.11% and a negative net margin of 5.32%. During the same quarter last year, the business posted ($0.05) EPS. As a group, sell-side analysts forecast that Performant Financial Co. will post -0.11 EPS for the current year.

Institutional Trading of Performant Financial

Several hedge funds have recently added to or reduced their stakes in the business. First Light Asset Management LLC raised its position in shares of Performant Financial by 8.7% during the first quarter. First Light Asset Management LLC now owns 10,515,127 shares of the business services provider’s stock worth $30,914,000 after purchasing an additional 845,017 shares during the period. Parkman Healthcare Partners LLC lifted its position in shares of Performant Financial by 21.7% in the fourth quarter. Parkman Healthcare Partners LLC now owns 1,580,865 shares of the business services provider’s stock worth $4,940,000 after buying an additional 281,480 shares during the last quarter. HighMark Wealth Management LLC boosted its stake in shares of Performant Financial by 61.6% during the 1st quarter. HighMark Wealth Management LLC now owns 725,550 shares of the business services provider’s stock worth $2,133,000 after acquiring an additional 276,500 shares in the last quarter. Kent Lake Capital LLC bought a new stake in shares of Performant Financial during the 1st quarter worth $588,000. Finally, Wellington Management Group LLP lifted its position in shares of Performant Financial by 22.4% during the 4th quarter. Wellington Management Group LLP now owns 1,046,100 shares of the business services provider’s stock worth $3,269,000 after purchasing an additional 191,100 shares during the last quarter. Institutional investors own 77.15% of the company’s stock.

About Performant Financial

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.