Performant Financial Corporation Stock Forecast
Performant Financial Corporation stock downgraded to Hold/Accumulate
(Updated on May 07, 2024)
The Performant Financial Corporation stock price fell by -0.699% on the last day (Tuesday, 7th May 2024) from $2.86 to $2.84. During the last trading day the stock fluctuated 4.61% from a day low at $2.82 to a day high of $2.95. The price has been going up and down for this period, and there has been a 2.53% gain for the last 2 weeks. Volume has increased on the last day by 152 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 263 thousand shares were bought and sold for approximately $745.86 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -6.99% during the next 3 months and, with a 90% probability hold a price between $2.21 and $2.77 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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PFMT Signals & Forecast
The Performant Financial Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2.78 and $2.72. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -0.699%. Further fall is indicated until a new bottom pivot has been found. Performant Financial Corporation gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Performant Financial Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.69 and $2.68. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Performant Financial Corporation finds support just below today's level at $2.69. If this is broken, then the next support from accumulated volume will be at $2.68 and $2.66.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.130 between high and low, or 4.61%. For the last week, the stock has had daily average volatility of 4.09%.
Our recommended stop-loss: $2.75 (-3.03%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (PFMT) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Performant Financial Corporation to open at $2.87, and during the day (based on 14 day Average True Range), to move between $2.71 and $2.97, which gives a possible trading interval of +/-$0.128 (+/-4.50%) up or down from last closing price. If Performant Financial Corporation takes out the full calculated possible swing range there will be an estimated 9.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.90 (2.11%) than the support at $2.69 (5.28%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Performant Financial Corporation stock A Buy?
Performant Financial Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.721 Hold/Accumulate Downgraded
Predicted Opening Price for Performant Financial Corporation of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $2.87 ( 1.06%) | $2.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PFMT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.00 | 5.63 % | |
| R2 | 2.95 | 3.89 % | ||
| R1 | 2.92 | 2.80 % | ||
| Current price: | 2.84 | |||
| Support | S1 | 2.82 | -0.692 % | |
| S2 | 2.79 | -1.77 % | ||
| S3 | 2.74 | -3.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.94 | 3.52 % | |
| R2 | 2.91 | 2.46 % | ||
| R1 | 2.90 | 2.11 % | ||
| Current price | 2.84 | |||
| Support | S1 | 2.69 | -5.28% | |
| S2 | 2.68 | -5.63% | ||
| S3 | 2.66 | -6.34% |
FAQ
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