Performant Financial Corporation (PFMT) Posts Quarterly Earnings Results, Misses Expectations By $0.08 EPS
Performant Financial Corporation (NASDAQ:PFMT) issued its quarterly earnings results on Tuesday. The business services provider reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.08), Bloomberg Earnings reports. The company had revenue of $29.70 million during the quarter, compared to the consensus estimate of $31.45 million. Performant Financial Corporation had a negative net margin of 13.74% and a negative return on equity of 6.81%. The company’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.02 earnings per share.
Shares of Performant Financial Corporation (NASDAQ:PFMT) opened at $1.86 on Wednesday. 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 has a 12 month low of $1.50 and a 12 month high of $4.07.
Separately, Zacks Investment Research cut Performant Financial Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd.
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A hedge fund recently raised its stake in Performant Financial Corporation stock. Northern Trust Corp lifted its stake in Performant Financial Corporation (NASDAQ:PFMT) by 5.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,716 shares of the business services provider’s stock after buying an additional 3,857 shares during the period. Northern Trust Corp owned approximately 0.14% of Performant Financial Corporation worth $152,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other 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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