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

StockNews.com assumed coverage on shares of Performant Financial (NASDAQ:PFMT) in a report released on Friday. The brokerage set a “sell” rating on the business services provider’s stock.

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

Performant Financial Stock Performance

The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.11. Performant Financial has a 12-month low of $2.37 and a 12-month high of $4.35. The company has a fifty day simple moving average of $3.49 and a two-hundred day simple moving average of $3.37. The company 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 announced its quarterly earnings data on Wednesday, November 6th. The business services provider reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Performant Financial had a negative return on equity of 10.19% and a negative net margin of 6.74%. The company had revenue of $31.52 million during the quarter, compared to analysts’ expectations of $31.70 million. During the same quarter last year, the company earned ($0.01) EPS. On average, equities research analysts forecast that Performant Financial will post -0.13 EPS for the current year.

Hedge Funds Weigh In On Performant Financial

A number of institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd acquired a new stake in shares of Performant Financial in the third quarter valued at approximately $53,000. SG Americas Securities LLC bought a new stake in Performant Financial in the 3rd quarter valued at $91,000. Rhumbline Advisers lifted its holdings in Performant Financial by 32.1% during the 2nd quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider’s stock valued at $246,000 after purchasing an additional 20,637 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Performant Financial by 55.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 69,440 shares of the business services provider’s stock worth $260,000 after purchasing an additional 24,803 shares during the period. Finally, CWC Advisors LLC. acquired a new position in shares of Performant Financial in the third quarter valued at $271,000. Institutional investors and hedge funds 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.