Performant Financial (NASDAQ:PFMT) Stock Price Passes Above Two Hundred Day Moving Average of $3.01

Performant Financial Co. (NASDAQ:PFMT) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.01 and traded as high as $3.61. Performant Financial shares last traded at $3.40, with a volume of 210,016 shares traded.

Analysts Set New Price Targets

A number of research firms recently issued reports on PFMT. StockNews.com downgraded Performant Financial from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. B. Riley began coverage on Performant Financial in a research note on Thursday, July 25th. They set a “buy” rating and a $8.00 price target on the stock.

Performant Financial Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 2.65 and a quick ratio of 2.65. The stock has a market capitalization of $262.45 million, a PE ratio of -37.77 and a beta of 0.17. The stock has a 50 day moving average of $3.23 and a two-hundred day moving average of $3.01.

Performant Financial (NASDAQ:PFMT) last posted its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Performant Financial had a negative return on equity of 8.11% and a negative net margin of 5.32%. The firm had revenue of $29.36 million for the quarter, compared to the consensus estimate of $28.20 million. During the same period in the previous year, the business earned ($0.05) earnings per share. Research analysts expect that Performant Financial Co. will post -0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Performant Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. First Eagle Investment Management LLC raised its holdings in shares of Performant Financial by 1.7% in the second quarter. First Eagle Investment Management LLC now owns 2,256,841 shares of the business services provider’s stock worth $6,545,000 after acquiring an additional 37,500 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Performant Financial by 12.9% in the second quarter. Dimensional Fund Advisors LP now owns 526,277 shares of the business services provider’s stock worth $1,526,000 after acquiring an additional 60,300 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of 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 acquiring an additional 20,637 shares during the last quarter. HighMark Wealth Management LLC raised its holdings in shares of Performant Financial by 8.3% in the second quarter. HighMark Wealth Management LLC now owns 785,550 shares of the business services provider’s stock worth $2,278,000 after acquiring an additional 60,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Performant Financial by 18.4% in the second quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider’s stock worth $581,000 after acquiring an additional 31,075 shares during the last quarter. 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.