Performant Financial (NASDAQ:PFMT) Share Price Passes Above Two Hundred Day Moving Average – What’s Next?

Shares of Performant Financial Co. (NASDAQ:PFMT) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $3.20 and traded as high as $3.96. Performant Financial shares last traded at $3.87, with a volume of 75,394 shares.

Wall Street Analyst Weigh In

PFMT has been the topic of several research reports. Craig Hallum raised Performant Financial to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley started coverage on shares of Performant Financial in a research note on Thursday, July 25th. They set a “buy” rating and a $8.00 target price for the company.

Performant Financial Stock Up 1.3 %

The firm has a market cap of $297.81 million, a price-to-earnings ratio of -43.00 and a beta of 0.13. The firm’s 50 day moving average price is $3.65 and its two-hundred day moving average price is $3.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.65 and a quick ratio of 2.65.

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

Institutional Investors Weigh In On Performant Financial

A number of hedge funds have recently added to or reduced their stakes in PFMT. First Light Asset Management LLC lifted its position in Performant Financial by 8.7% in the first quarter. First Light Asset Management LLC now owns 10,515,127 shares of the business services provider’s stock valued at $30,914,000 after purchasing an additional 845,017 shares during the period. Kent Lake Capital LLC acquired a new stake in Performant Financial in the first quarter valued at about $588,000. Wellington Management Group LLP lifted its position in Performant Financial by 22.4% in the fourth quarter. Wellington Management Group LLP now owns 1,046,100 shares of the business services provider’s stock valued at $3,269,000 after purchasing an additional 191,100 shares during the period. Mirador Capital Partners LP lifted its position in Performant Financial by 4.0% in the first quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock valued at $5,868,000 after purchasing an additional 76,933 shares during the period. Finally, First Eagle Investment Management LLC lifted its position in Performant Financial by 3.5% in the first quarter. First Eagle Investment Management LLC now owns 2,219,341 shares of the business services provider’s stock valued at $6,525,000 after purchasing an additional 74,954 shares during the period. 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.