Performant Financial Corp. (PFMT) Lowered to Hold at Zacks Investment Research
Performant Financial Corp. (NASDAQ:PFMT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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, TheStreet raised shares of Performant Financial Corp. from a “sell” rating to a “hold” rating in a research report on Friday, September 9th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Performant Financial Corp. currently has a consensus rating of “Hold” and an average target price of $3.92.
Performant Financial Corp. (NASDAQ:PFMT) opened at 3.11 on Thursday. The stock has a market capitalization of $156.04 million, a P/E ratio of 51.83 and a beta of 1.35. The firm’s 50-day moving average is $2.50 and its 200 day moving average is $1.96. Performant Financial Corp. has a 12 month low of $1.51 and a 12 month high of $3.46.
Performant Financial Corp. (NASDAQ:PFMT) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.07. The firm had revenue of $38.10 million for the quarter, compared to analysts’ expectations of $41.30 million. Performant Financial Corp. had a net margin of 2.21% and a return on equity of 6.94%. Performant Financial Corp.’s revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 earnings per share. On average, equities analysts anticipate that Performant Financial Corp. will post $0.04 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Prescott Group Capital Management L.L.C. boosted its position in Performant Financial Corp. by 5.1% in the second quarter. Prescott Group Capital Management L.L.C. now owns 4,554,690 shares of the company’s stock worth $7,379,000 after buying an additional 221,518 shares during the last quarter. Palisade Capital Management LLC NJ bought a new stake in Performant Financial Corp. during the first quarter valued at about $376,000. RMB Capital Management LLC boosted its stake in Performant Financial Corp. by 36.0% in the first quarter. RMB Capital Management LLC now owns 656,839 shares of the company’s stock valued at $1,117,000 after buying an additional 173,937 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Performant Financial Corp. by 36.2% in the first quarter. Renaissance Technologies LLC now owns 515,300 shares of the company’s stock valued at $876,000 after buying an additional 136,900 shares in the last quarter. Finally, Counsel Portfolio Services Inc. boosted its stake in Performant Financial Corp. by 8.0% in the second quarter. Counsel Portfolio Services Inc. now owns 362,990 shares of the company’s stock valued at $588,000 after buying an additional 26,990 shares in the last quarter. 56.37% of the stock is currently owned by institutional investors and hedge funds.
About Performant Financial Corp.
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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