Performant Financial (NASDAQ:PFMT) Announces Earnings Results, Meets Estimates

Performant Financial (NASDAQ:PFMT - Get Free Report) posted its quarterly earnings results on Wednesday. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.03), Zacks reports. Performant Financial had a negative net margin of 6.74% and a negative return on equity of 10.10%. The business had revenue of $31.52 million during the quarter, compared to analyst estimates of $31.70 million. During the same period in the prior year, the firm earned ($0.01) earnings per share.

Performant Financial Stock Down 8.0 %

Performant Financial stock traded down $0.29 during mid-day trading on Friday, hitting $3.35. 381,136 shares of the company's stock were exchanged, compared to its average volume of 177,508. Performant Financial has a 1-year low of $2.37 and a 1-year high of $4.35. The stock has a 50 day moving average of $3.75 and a two-hundred day moving average of $3.32. The stock has a market cap of $258.59 million, a P/E ratio of -33.50 and a beta of 0.14. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.11.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PFMT. Craig Hallum upgraded shares of Performant Financial to a "strong-buy" rating in a report on Tuesday, October 1st. B. Riley cut their price target on Performant Financial from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday.

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incorrect coding, procedures that were not medically necessary, incomplete documentation or claims submitted based on outdated fee schedules, and coverage discrepancies; and provides first party call center and other outsourced services.