Performant Financial Corp. (NASDAQ:PFMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $3.50 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.82% from the company’s previous close.

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 upgraded shares of Performant Financial Corp. from a “sell” rating to a “hold” rating in a research note on Friday, September 9th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $4.33.

Shares of Performant Financial Corp. (NASDAQ:PFMT) opened at 3.13 on Wednesday. The company has a 50-day moving average price of $2.62 and a 200 day moving average price of $2.00. Performant Financial Corp. has a one year low of $1.51 and a one year high of $3.46. The firm has a market capitalization of $157.04 million, a P/E ratio of 52.17 and a beta of 1.35.

Performant Financial Corp. (NASDAQ:PFMT) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.07. The firm earned $38.10 million during 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%. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.05 earnings per share. Analysts expect that Performant Financial Corp. will post $0.04 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in PFMT. BlackRock Fund Advisors boosted its stake in shares of Performant Financial Corp. by 24.6% in the second quarter. BlackRock Fund Advisors now owns 93,870 shares of the company’s stock worth $152,000 after buying an additional 18,541 shares in the last quarter. Palisade Capital Management LLC NJ purchased a new stake in shares of Performant Financial Corp. during the first quarter worth approximately $376,000. Counsel Portfolio Services Inc. boosted its stake in shares of Performant Financial Corp. by 8.0% in the second quarter. Counsel Portfolio Services Inc. now owns 362,990 shares of the company’s stock worth $588,000 after buying an additional 26,990 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Performant Financial Corp. by 36.2% in the first quarter. Renaissance Technologies LLC now owns 515,300 shares of the company’s stock worth $876,000 after buying an additional 136,900 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. boosted its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 56.37% of the company’s stock.

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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