Performant Financial (PFMT) Announces Quarterly Earnings Results, Misses Estimates By $0.07 EPS

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Performant Financial (NASDAQ:PFMT) posted its earnings results on Friday. The business services provider reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.07), Morningstar.com reports. Performant Financial had a negative return on equity of 16.92% and a negative net margin of 1.63%. The firm had revenue of $27.58 million for the quarter, compared to analyst estimates of $31.80 million. Performant Financial updated its FY 2018 guidance to EPS.

PFMT traded down $0.02 during mid-day trading on Friday, hitting $1.53. 19,045 shares of the stock were exchanged, compared to its average volume of 15,335. Performant Financial has a 1-year low of $1.50 and a 1-year high of $3.52. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.44. The firm has a market cap of $84.15 million, a price-to-earnings ratio of -8.05 and a beta of 1.30.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in Performant Financial by 2.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,179,111 shares of the business services provider’s stock valued at $2,535,000 after purchasing an additional 32,449 shares in the last quarter. Renaissance Technologies LLC raised its position in Performant Financial by 4.1% in the 2nd quarter. Renaissance Technologies LLC now owns 927,400 shares of the business services provider’s stock valued at $1,994,000 after purchasing an additional 36,100 shares in the last quarter. Finally, 22NW LP raised its position in Performant Financial by 237.1% in the 2nd quarter. 22NW LP now owns 1,070,284 shares of the business services provider’s stock valued at $2,301,000 after purchasing an additional 752,754 shares in the last quarter. 58.25% of the stock is currently owned by hedge funds and other institutional investors.

Separately, TheStreet raised Performant Financial from a “d+” rating to a “c-” rating in a research note on Tuesday, September 4th.

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About Performant Financial

Performant Financial Corporation provides technology-enabled audit, recovery, customer care, and related analytics services in the United States. The company offers recovery services primarily to the government-supported student loan industry, serving guaranty agencies, the Department of Education, and private financial institutions; and restructures and recovers student loans issued directly by banks to students outside of federal lending programs.

Read More: Moving Average (MA)

Earnings History for Performant Financial (NASDAQ:PFMT)

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