Performant Financial Corp. (PFMT) Downgraded by Zacks Investment Research
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 Performant Financial Corp. from a sell rating to a hold rating in a research report on Friday, September 9th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $3.92.
Performant Financial Corp. (NASDAQ:PFMT) opened at 3.15 on Thursday. The firm has a market capitalization of $158.05 million, a P/E ratio of 52.50 and a beta of 1.34. The firm has a 50-day moving average price of $2.59 and a 200 day moving average price of $2.00. Performant Financial Corp. has a 52-week low of $1.51 and a 52-week high of $3.46.
Performant Financial Corp. (NASDAQ:PFMT) last posted its earnings results on Thursday, August 4th. The company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.07. The company had revenue of $38.10 million for the quarter, compared to analyst estimates of $41.30 million. Performant Financial Corp. had a return on equity of 6.94% and a net margin of 2.21%. Performant Financial Corp.’s revenue was down 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.05 earnings per share. Analysts forecast that Performant Financial Corp. will post $0.04 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position 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 during the period. RMB Capital Management LLC increased its position 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 worth $1,117,000 after buying an additional 173,937 shares during the period. Palisade Capital Management LLC NJ purchased a new position in Performant Financial Corp. during the first quarter worth approximately $376,000. Counsel Portfolio Services Inc. increased its position 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 worth $588,000 after buying an additional 26,990 shares during the period. Finally, BlackRock Fund Advisors increased its position in 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 during the period. 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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