The share price of Performant Financial Corporation (NASDAQ:PFMT) rose to $3.35 per share on Tuesday from $3.11. While Performant Financial Corporation has overperformed by 7.72%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, PFMT rose by 65.84%, with highs and lows ranging from $3.97 to $1.72, whereas the simple moving average jumped by 36.77% in the last 200 days.
On December 20, 2022, Lake Street started tracking Performant Financial Corporation (NASDAQ: PFMT) recommending Buy. A report published by Lake Street on April 11, 2022, Initiated its previous ‘Buy’ rating for PFMT. Craig Hallum also rated PFMT shares as ‘Buy’, setting a target price of $10 on the company’s shares in an initiating report dated July 07, 2021. Colliers Securities Initiated an Buy rating on June 04, 2021, and assigned a price target of $10. Compass Point January 12, 2018d its ‘Neutral’ rating to ‘Buy’ for PFMT, as published in its report on January 12, 2018. Compass Point’s report from February 26, 2016 suggests a price prediction of $2.50 for PFMT shares, giving the stock a ‘Neutral’ rating. Compass Point also rated the stock as ‘Neutral’.
Analysis of Performant Financial Corporation (PFMT)
Further, the quarter-over-quarter decrease in sales is -4.90%, showing a negative trend in the upcoming months.
To gain a thorough understanding of Performant Financial Corporation’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. The goal here is to ensure that your current return on equity of -10.60% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 4.20, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
It is also very valuable to look at average volume as an indicator of volatility for a stock, and PFMT is recording an average volume of 191.74K. On a monthly basis, the volatility of the stock is set at 6.43%, whereas on a weekly basis, it is put at 10.87%, with a loss of -6.16% over the past seven days. Furthermore, long-term investors anticipate a median target price of $7.50, showing growth from the present price of $3.35, which can serve as yet another indication of whether PFMT is worth investing in or should be passed over.
How Do You Analyze Performant Financial Corporation Shares?
The number of employees owning shares of the company should also be considered in addition to the fundamentals. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 1.00%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 60.50% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in PFMT shares?
The recent increase in stakes in PFMT appears to be a result of several institutional investors and hedge funds increasing their positions. First Light Asset Management LLC made another increased to its shares in PFMT during the first quarter, upping its stake by 0.01%. During the last quarter, the company dropped down 330 additional shares for a total stake of worth $18.12 million, bringing number of shares owned by the company to 5,020,107.
During the first quarter, Driehaus Capital Management LLC subtracted a -131,921 position in PFMT. Cooper Creek Partners Management purchased an additional 33548.0 shares in the last quarter, increasing its holdings by 1.31%, now holding 2.6 million shares worth $9.39 million. At the end of the first quarter, The Vanguard Group, Inc. increased its PFMT holdings by 4.05% and now holds 2.56 million PFMT shares valued at $9.23 million with the added 99436.0 shares during the period. PFMT shares are owned by institutional investors to the tune of 60.50% at present.