Performant Financial (NASDAQ:PFMT) Lifted to “Buy” at ValuEngine

ValuEngine upgraded shares of Performant Financial (NASDAQ:PFMT) from a hold rating to a buy rating in a report released on Wednesday, ValuEngine reports.

A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Performant Financial from a hold rating to a sell rating in a report on Friday, August 23rd. William Blair reaffirmed a market perform rating on shares of Performant Financial in a report on Monday, August 19th.

Shares of NASDAQ:PFMT traded down $0.03 on Wednesday, reaching $1.05. The company’s stock had a trading volume of 222 shares, compared to its average volume of 11,685. The stock’s 50-day moving average is $1.13 and its two-hundred day moving average is $1.47. Performant Financial has a 52-week low of $1.00 and a 52-week high of $2.86. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.62 and a quick ratio of 1.62. The stock has a market capitalization of $57.68 million, a P/E ratio of -3.28 and a beta of 0.18.

Performant Financial (NASDAQ:PFMT) last announced its earnings results on Tuesday, August 13th. The business services provider reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Performant Financial had a negative net margin of 20.11% and a negative return on equity of 32.75%. The business had revenue of $35.83 million during the quarter, compared to analysts’ expectations of $36.20 million. Equities analysts forecast that Performant Financial will post -0.41 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in PFMT. Mirador Capital Partners LP raised its holdings in shares of Performant Financial by 15.5% in the second quarter. Mirador Capital Partners LP now owns 192,445 shares of the business services provider’s stock valued at $202,000 after buying an additional 25,762 shares during the last quarter. Prescott Group Capital Management L.L.C. raised its holdings in shares of Performant Financial by 41.4% in the second quarter. Prescott Group Capital Management L.L.C. now owns 7,348,179 shares of the business services provider’s stock valued at $7,716,000 after buying an additional 2,150,111 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Performant Financial by 1.2% in the second quarter. Renaissance Technologies LLC now owns 944,839 shares of the business services provider’s stock valued at $992,000 after buying an additional 10,900 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Performant Financial by 5.8% in the second quarter. BlackRock Inc. now owns 174,050 shares of the business services provider’s stock valued at $183,000 after buying an additional 9,537 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Performant Financial by 92.3% in the second quarter. Vanguard Group Inc. now owns 895,851 shares of the business services provider’s stock valued at $941,000 after buying an additional 429,909 shares during the last quarter. 56.47% of the stock is owned by institutional investors and hedge funds.

Performant Financial Company Profile

Performant Financial Corporation provides technology-enabled audit, recovery, outsource customer, and related analytics services in the United States. The company offers recovery services primarily to the government-supported student loan industry serving guaranty agencies, private financial institutions, and the Department of Education; and restructures and recovers student loans issued directly by banks to students outside of federal lending programs.

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