Performant Financial (NASDAQ:PFMT) Share Price Crosses Above 200-Day Moving Average of $3.08

Performant Financial Co. (NASDAQ:PFMT)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.08 and traded as high as $3.92. Performant Financial shares last traded at $3.92, with a volume of 95,602 shares changing hands.

Analyst Upgrades and Downgrades

Separately, B. Riley assumed 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 Trading Up 0.5 %

The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $304.13 million, a PE ratio of -43.77 and a beta of 0.13. The company has a 50 day simple moving average of $3.52 and a 200 day simple moving average of $3.09.

Performant Financial (NASDAQ:PFMT) last announced its quarterly earnings data 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 company had revenue of $29.36 million for the quarter, compared to analyst estimates of $28.20 million. During the same quarter in the previous year, the company earned ($0.05) EPS. Analysts predict that Performant Financial Co. will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of Performant Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Parkman Healthcare Partners LLC increased its holdings in 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 valued at $4,940,000 after buying an additional 281,480 shares in the last quarter. First Light Asset Management LLC raised its stake in shares of Performant Financial by 3.1% during the 4th quarter. First Light Asset Management LLC now owns 9,670,110 shares of the business services provider’s stock worth $30,219,000 after buying an additional 291,814 shares during the last quarter. Mirador Capital Partners LP boosted its position in shares of Performant Financial by 4.0% in the 1st quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock worth $5,868,000 after buying an additional 76,933 shares in the last quarter. Wellington Management Group LLP grew its position in shares of 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 last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Performant Financial by 170.0% in the first quarter. BNP Paribas Financial Markets now owns 50,358 shares of the business services provider’s stock worth $148,000 after acquiring an additional 31,710 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.