Zacks Investment Research upgraded shares of Performant Financial Corp. (NASDAQ:PFMT) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $3.50 price target on the stock.
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. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Performant Financial Corp. presently has an average rating of Hold and an average price target of $4.33.
Shares of Performant Financial Corp. (NASDAQ:PFMT) traded down 1.95% during midday trading on Wednesday, hitting $3.02. 11,737 shares of the stock traded hands. The company has a market capitalization of $151.53 million, a price-to-earnings ratio of 50.33 and a beta of 1.35. The firm’s 50-day moving average is $2.64 and its 200 day moving average is $2.01. 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 quarterly earnings data on Thursday, August 4th. The company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.07. Performant Financial Corp. had a net margin of 2.21% and a return on equity of 6.94%. The business earned $38.10 million during the quarter, compared to analysts’ expectations of $41.30 million. During the same quarter in the prior year, the business posted $0.05 earnings per share. Performant Financial Corp.’s revenue was down 7.7% compared to the same quarter last year. Equities analysts forecast that Performant Financial Corp. will post $0.04 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of PFMT. Counsel Portfolio Services Inc. boosted 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. BlackRock Fund Advisors boosted 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. 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 period. Renaissance Technologies LLC boosted 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 worth $876,000 after buying an additional 136,900 shares during the period. Finally, Palisade Capital Management LLC NJ bought a new position in Performant Financial Corp. during the first quarter worth approximately $376,000. 56.37% of the stock is owned by hedge funds and other institutional investors.
Performant Financial Corp. 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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