Performant Financial (NASDAQ:PFMT) Raised to “Strong-Buy” at Craig Hallum

by · The Cerbat Gem

Craig Hallum upgraded shares of Performant Financial (NASDAQ:PFMT – Free Report) to a strong-buy rating in a research note published on Tuesday morning, Zacks.com reports.

Separately, B. Riley started coverage on shares of Performant Financial in a research report on Thursday, July 25th. They set a buy rating and a $8.00 target price for the company.

View Our Latest Report on Performant Financial

Performant Financial Trading Up 0.3 %

Performant Financial stock opened at $3.48 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.65 and a quick ratio of 2.65. The stock has a market capitalization of $268.62 million, a PE ratio of -38.66 and a beta of 0.13. Performant Financial has a 12-month low of $2.00 and a 12-month high of $4.04. The firm has a 50 day simple moving average of $3.62 and a 200-day simple moving average of $3.13.

Performant Financial (NASDAQ:PFMT – Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $29.36 million for the quarter, compared to analyst estimates of $28.20 million. Performant Financial had a negative net margin of 5.32% and a negative return on equity of 8.11%. During the same quarter last year, the firm posted ($0.05) earnings per share. As a group, equities research analysts expect that Performant Financial will post -0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Performant Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in Performant Financial during the 3rd quarter worth $91,000. BNP Paribas Financial Markets boosted its position in Performant Financial by 170.0% during the first quarter. BNP Paribas Financial Markets now owns 50,358 shares of the business services provider’s stock valued at $148,000 after purchasing an additional 31,710 shares during the last quarter. Rhumbline Advisers increased its holdings in Performant Financial by 32.1% during the second quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider’s stock worth $246,000 after buying an additional 20,637 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Performant Financial by 18.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider’s stock worth $581,000 after acquiring an additional 31,075 shares during the period. Finally, Kent Lake Capital LLC bought a new position in shares of Performant Financial during the first quarter worth approximately $588,000. Institutional investors own 77.15% of the company’s stock.

About Performant Financial

(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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