Performant Financial Corporation (PFMT) Lifted to “Hold” at Zacks Investment Research

Performant Financial Corporation (NASDAQ:PFMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, October 18th.

According to Zacks, “Performant Financial Corporation is engaged in providing technology-enabled recovery and related analytics services in the United States. The company’s services help identify and recover delinquent or defaulted assets and improper payments for both government and private clients. Services offered by the company includes financial asset recovery, risk management, audit and recovery cost containment and fraud, waste and abuse marketplace. Performant provides its services on an outsourced basis. It provides services to clients in a range of different markets which includes student lending and healthcare, delinquent state taxes and federal Treasury and other receivables. Performant Financial Corporation is headquartered in Livermore, California. “

Separately, ValuEngine downgraded shares of Performant Financial Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 6th.

Shares of Performant Financial Corporation (PFMT) traded up $0.06 during trading hours on Wednesday, hitting $1.89. 29,726 shares of the company were exchanged, compared to its average volume of 62,642. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.51.

Performant Financial Corporation (NASDAQ:PFMT) last released its earnings results on Tuesday, August 8th. The business services provider reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. Performant Financial Corporation had a negative net margin of 13.74% and a negative return on equity of 6.81%. The business had revenue of $35.90 million during the quarter, compared to the consensus estimate of $32.65 million. During the same quarter last year, the firm earned $0.06 earnings per share. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. analysts predict that Performant Financial Corporation will post -0.12 EPS for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of PFMT. Mirador Capital Partners LP lifted its stake in shares of Performant Financial Corporation by 161.9% during the 2nd quarter. Mirador Capital Partners LP now owns 50,876 shares of the business services provider’s stock worth $103,000 after buying an additional 31,447 shares during the last quarter. Northern Trust Corp raised its stake in Performant Financial Corporation by 5.6% in the 2nd quarter. Northern Trust Corp now owns 72,716 shares of the business services provider’s stock worth $152,000 after purchasing an additional 3,857 shares in the last quarter. Sterling Capital Management LLC raised its stake in Performant Financial Corporation by 2.0% in the 2nd quarter. Sterling Capital Management LLC now owns 404,570 shares of the business services provider’s stock worth $846,000 after purchasing an additional 8,060 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Performant Financial Corporation by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,118,758 shares of the business services provider’s stock worth $3,278,000 after purchasing an additional 9,968 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. raised its stake in Performant Financial Corporation by 3.2% in the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 4,980,143 shares of the business services provider’s stock worth $10,408,000 after purchasing an additional 156,285 shares in the last quarter. Institutional investors own 54.73% of the company’s stock.

About Performant Financial Corporation

Performant Financial Corporation (Performant) provides technology-enabled recovery and related analytics services in the United States. The Company’s services identify and recover delinquent or defaulted assets and improper payments for both government and private clients in a range of markets. The Company provides its services on an outsourced basis where the Company handles many or all aspects of its clients’ recovery processes.

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