Performant Financial (NASDAQ:PFMT) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of Performant Financial (NASDAQ:PFMT) in a report published on Monday. The firm issued a sell rating on the business services provider’s stock.

A number of other research analysts have also recently weighed in on the stock. Craig Hallum upgraded shares of Performant Financial to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley lowered their price target on shares of Performant Financial from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 7th.

Performant Financial Price Performance

The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.11. The stock’s 50 day moving average price is $3.49 and its 200-day moving average price is $3.37. Performant Financial has a 52 week low of $2.37 and a 52 week high of $4.35. The stock has a market capitalization of $278.72 million, a P/E ratio of -35.60 and a beta of 0.09.

Performant Financial (NASDAQ:PFMT) last released its quarterly earnings results on Wednesday, November 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The business had revenue of $31.52 million for the quarter, compared to the consensus estimate of $31.70 million. Performant Financial had a negative net margin of 6.74% and a negative return on equity of 10.19%. During the same period in the previous year, the firm earned ($0.01) EPS. Sell-side analysts forecast that Performant Financial will post -0.13 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Rhumbline Advisers boosted its holdings in shares of Performant Financial by 32.1% in the 2nd quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider’s stock valued at $246,000 after buying an additional 20,637 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Performant Financial by 12.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 526,277 shares of the business services provider’s stock valued at $1,526,000 after purchasing an additional 60,300 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Performant Financial by 55.6% in 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 purchasing an additional 24,803 shares during the last quarter. Bank of New York Mellon Corp raised its position in Performant Financial by 18.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider’s stock valued at $581,000 after purchasing an additional 31,075 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Performant Financial in the 3rd quarter valued at $91,000. 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.