Performant Financial Corporation (PFMT) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Performant Financial Corporation (NASDAQ:PFMT) from a sell rating to a hold rating in a research report released on Wednesday morning.

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 report on Thursday, July 6th.

Shares of Performant Financial Corporation (PFMT) remained flat at $1.80 on Wednesday. The stock had a trading volume of 12,527 shares. The company has a 50-day moving average of $1.84 and a 200-day moving average of $2.06. Performant Financial Corporation has a 12 month low of $1.50 and a 12 month high of $4.07. The company’s market cap is $91.43 million.

Performant Financial Corporation (NASDAQ:PFMT) last issued its earnings results on Tuesday, August 8th. The business services provider reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The business had revenue of $35.90 million for the quarter, compared to the consensus estimate of $32.65 million. Performant Financial Corporation had a negative net margin of 13.74% and a negative return on equity of 6.81%. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.06 earnings per share. On average, equities analysts forecast that Performant Financial Corporation will post ($0.09) EPS for the current year.

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A number of hedge funds have recently added to or reduced their stakes in PFMT. Mirador Capital Partners LP boosted its holdings in Performant Financial Corporation by 161.9% during the second 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 in the last quarter. Northern Trust Corp boosted its holdings in Performant Financial Corporation by 5.6% during the second quarter. Northern Trust Corp now owns 72,716 shares of the business services provider’s stock worth $152,000 after buying an additional 3,857 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Performant Financial Corporation by 2.0% during the second quarter. Sterling Capital Management LLC now owns 404,570 shares of the business services provider’s stock worth $846,000 after buying an additional 8,060 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Performant Financial Corporation by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,118,758 shares of the business services provider’s stock worth $3,278,000 after buying an additional 9,968 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. boosted its holdings in Performant Financial Corporation by 3.2% during the second 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 buying an additional 156,285 shares in the last quarter. 54.74% of the stock is currently owned by hedge funds and other institutional investors.

Performant Financial Corporation Company Profile

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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