Shares of Performant Financial Corporation (NASDAQ: PFMT) has been falling about 5.00% in premarket trades today.
Over 17.61 million shares of Performant traded Monday, resulting in a closing price of $2.80. The Performant stock monthly performance has increased by 86.67%, and its price on 04/05/21 rose nearly 25.00%. Currently, 54.76 million shares of PFMT stock are owned by the public, and 34.15 million shares are currently available to trade. A significant update and past performance may give us a better insight into the PFMT stock despite the lack of any relevant news.
What was the update?
By identifying, removing, and recovering waste and improper payments, Performant helps government and commercial organizations to improve the efficiency and profitability of their operations. Healthcare, student loans, and government are just a few industries in which PFMT is a leading provider of these services. In addition to serving as a recovery auditor for the Centers for Medicare and Medicaid Services, PFMT also provides recovery auditing services to commercial and government clients.
This past week, Performant reiterated its intention to make future investments in its Healthcare unit designed to grow and become profitable in the long term.
- Revenues for the full year 2020 increased by 58% over the previous year for its Healthcare unit to $68.5 million.
- Furthermore, PFMT also discussed the fact that it has agreed to sell certain nonhealthcare receivables recovery contracts with a buyer that specializes in outsourced receivables management.
- Due to the transaction, PFMT revised the terms of its credit agreement with ECMC to be partially deleveraged, extend maturity one year to August 2022, and lower the covenant levels in order to plan for continued investment.
- Once the recovery contracts are closed, the credit agreement modifications will take effect.
Over the past year, Performant Financial (PFMT) shares gained 287.44%, and in the past week, they increased by 86.67%. The PFMT stock has gained 217.82% over the past three months, while it has gained 192.43% over the past six months. More so, the current market capitalization of PFMT stands at $147.36 million with 54.76 million of outstanding shares.
PFMT seems to be recouping the value it gained in the previous session.