Performant Financial (NASDAQ:PFMT) Lowered to Sell at StockNews.com

StockNews.com cut shares of Performant Financial (NASDAQ:PFMTFree Report) from a hold rating to a sell rating in a research report released on Thursday morning.

Performant Financial Trading Up 1.9 %

Shares of PFMT traded up $0.06 on Thursday, hitting $3.19. 209,561 shares of the stock traded hands, compared to its average volume of 229,630. The company has a quick ratio of 3.21, a current ratio of 3.21 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $245.37 million, a P/E ratio of -31.90 and a beta of 0.11. The stock’s 50 day moving average is $2.81 and its two-hundred day moving average is $2.79. Performant Financial has a 1 year low of $2.00 and a 1 year high of $3.61.

Performant Financial (NASDAQ:PFMTGet Free Report) last announced its quarterly earnings data on Tuesday, March 12th. The business services provider reported $0.02 earnings per share (EPS) for the quarter. The business had revenue of $32.57 million for the quarter. Performant Financial had a negative net margin of 6.61% and a negative return on equity of 9.46%.

Hedge Funds Weigh In On Performant Financial

A number of large investors have recently bought and sold shares of the stock. First Light Asset Management LLC raised its stake in Performant Financial by 3.1% during the fourth quarter. First Light Asset Management LLC now owns 9,670,110 shares of the business services provider’s stock worth $30,219,000 after purchasing an additional 291,814 shares during the period. Vanguard Group Inc. raised its stake in Performant Financial by 1.6% during the first quarter. Vanguard Group Inc. now owns 3,663,336 shares of the business services provider’s stock worth $10,770,000 after purchasing an additional 59,043 shares during the period. First Eagle Investment Management LLC raised its stake in Performant Financial by 3.5% during the first quarter. First Eagle Investment Management LLC now owns 2,219,341 shares of the business services provider’s stock worth $6,525,000 after purchasing an additional 74,954 shares during the period. Mirador Capital Partners LP increased its position in shares of 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 worth $5,868,000 after acquiring an additional 76,933 shares in the last quarter. Finally, Parkman Healthcare Partners LLC increased its position in shares of 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 worth $4,940,000 after acquiring an additional 281,480 shares in the last quarter. Hedge funds and other institutional investors own 77.15% of the company’s stock.

Performant Financial Company Profile

(Get Free Report)

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.

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