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

Investment analysts at StockNews.com began coverage on shares of Performant Financial (NASDAQ:PFMT) in a report issued on Saturday. The firm set a “sell” rating on the business services provider’s stock.

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

Performant Financial Price Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.67 and a current ratio of 2.67. The firm has a fifty day moving average price of $3.49 and a 200 day moving average price of $3.37. 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 has a 1 year low of $2.37 and a 1 year high of $4.35.

Performant Financial (NASDAQ:PFMT) last posted its quarterly earnings data on Wednesday, November 6th. The business services provider reported ($0.03) EPS 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 firm had revenue of $31.52 million during the quarter, compared to the consensus estimate of $31.70 million. During the same period in the prior year, the company earned ($0.01) EPS. On average, equities research analysts anticipate that Performant Financial will post -0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Performant Financial

A number of hedge funds have recently modified their holdings of the company. Barclays PLC boosted its holdings in Performant Financial by 195.3% in the 3rd quarter. Barclays PLC now owns 111,507 shares of the business services provider’s stock valued at $417,000 after purchasing an additional 73,748 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Performant Financial by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,626,437 shares of the business services provider’s stock valued at $6,084,000 after acquiring an additional 70,080 shares during the last quarter. State Street Corp lifted its holdings in Performant Financial by 0.7% in the third quarter. State Street Corp now owns 1,105,259 shares of the business services provider’s stock valued at $4,134,000 after acquiring an additional 7,990 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in Performant Financial during the third quarter worth $53,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake 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 acquiring an additional 24,803 shares during the last quarter. Hedge funds and other institutional investors 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.