Performant Financial (NASDAQ:PFMT) Stock Passes Above 200-Day Moving Average of $2.78

Performant Financial Co. (NASDAQ:PFMT)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.78 and traded as high as $2.97. Performant Financial shares last traded at $2.84, with a volume of 269,899 shares changing hands.

Performant Financial Price Performance

The company has a market cap of $218.45 million, a P/E ratio of -28.40 and a beta of 0.11. The company’s 50-day moving average price is $2.80 and its 200-day moving average price is $2.78. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.21 and a quick ratio of 3.21.

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

Hedge Funds Weigh In On Performant Financial

A number of large investors have recently bought and sold shares of the company. First Light Asset Management LLC increased its stake in Performant Financial by 3.1% in the 4th quarter. First Light Asset Management LLC now owns 9,670,110 shares of the business services provider’s stock valued at $30,219,000 after buying an additional 291,814 shares during the last quarter. Punch & Associates Investment Management Inc. grew its holdings in shares of Performant Financial by 5.9% in the 3rd quarter. Punch & Associates Investment Management Inc. now owns 2,731,405 shares of the business services provider’s stock valued at $6,173,000 after acquiring an additional 151,305 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Performant Financial by 9.7% during the fourth quarter. First Eagle Investment Management LLC now owns 2,144,387 shares of the business services provider’s stock worth $6,701,000 after acquiring an additional 189,363 shares in the last quarter. Mirador Capital Partners LP boosted its position in Performant Financial by 4.0% during the first quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock valued at $5,868,000 after purchasing an additional 76,933 shares during the last quarter. Finally, Parkman Healthcare Partners LLC grew its stake 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 valued at $4,940,000 after buying an additional 281,480 shares in the last quarter. Institutional investors and hedge funds 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.