Performant Financial (NASDAQ:PFMT) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Performant Financial Co. (NASDAQ:PFMT - Get Free Report) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.20 and traded as high as $3.96. Performant Financial shares last traded at $3.87, with a volume of 75,394 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PFMT. B. Riley began coverage on shares of Performant Financial in a report on Thursday, July 25th. They set a "buy" rating and a $8.00 price objective for the company. Craig Hallum raised Performant Financial to a "strong-buy" rating in a report on Tuesday, October 1st.

Performant Financial Stock Up 0.8 %

The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.11. The firm's fifty day moving average is $3.65 and its 200-day moving average is $3.21.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PFMT. Wellington Management Group LLP boosted its stake in shares of Performant Financial by 22.4% in the 4th quarter. Wellington Management Group LLP now owns 1,046,100 shares of the business services provider's stock valued at $3,269,000 after purchasing an additional 191,100 shares during the last quarter. Mirador Capital Partners LP boosted its position in shares of Performant Financial by 4.0% in the 1st quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider's stock worth $5,868,000 after purchasing an additional 76,933 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Performant Financial by 170.0% in the 1st quarter. BNP Paribas Financial Markets now owns 50,358 shares of the business services provider's stock worth $148,000 after purchasing an additional 31,710 shares during the last quarter. Essex Investment Management Co. LLC grew its stake in shares of Performant Financial by 1.5% during the first quarter. Essex Investment Management Co. LLC now owns 582,532 shares of the business services provider's stock worth $1,713,000 after purchasing an additional 8,753 shares during the period. Finally, First Eagle Investment Management LLC increased its holdings in Performant Financial by 3.5% in the first quarter. First Eagle Investment Management LLC now owns 2,219,341 shares of the business services provider's stock valued at $6,525,000 after purchasing an additional 74,954 shares during the last quarter. Institutional investors 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.