Performant Financial Corp (NASDAQ:PFMT) Short Interest Update

Performant Financial Corp (NASDAQ:PFMT) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 72,300 shares, a growth of 198.8% from the September 30th total of 24,200 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 28,200 shares, the short-interest ratio is presently 2.6 days.

PFMT traded down $0.10 on Thursday, hitting $0.94. 13,400 shares of the stock traded hands, compared to its average volume of 35,530. The business has a fifty day moving average price of $1.05 and a two-hundred day moving average price of $1.27. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $55.27 million, a PE ratio of -2.94 and a beta of 0.15. Performant Financial has a 52 week low of $0.80 and a 52 week high of $2.86.

Performant Financial (NASDAQ:PFMT) last posted its quarterly earnings results on Tuesday, November 12th. The business services provider reported ($0.15) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.05). The company had revenue of $35.90 million during the quarter, compared to analyst estimates of $39.60 million. Performant Financial had a negative net margin of 20.11% and a negative return on equity of 32.75%. On average, equities research analysts forecast that Performant Financial will post -0.41 EPS for the current fiscal year.

A number of research firms have recently commented on PFMT. ValuEngine lowered Performant Financial from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Zacks Investment Research upgraded Performant Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, William Blair restated a “market perform” rating on shares of Performant Financial in a research note on Monday, August 19th.

In other Performant Financial news, major shareholder Prescott Group Capital Managem acquired 140,142 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were acquired at an average cost of $1.00 per share, for a total transaction of $140,142.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 790,788 shares of company stock valued at $798,797 in the last ninety days. Insiders own 32.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Mirador Capital Partners LP grew its position in Performant Financial by 15.5% in the 2nd quarter. Mirador Capital Partners LP now owns 192,445 shares of the business services provider’s stock worth $202,000 after purchasing an additional 25,762 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its holdings in shares of Performant Financial by 41.4% during the 2nd 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 purchasing an additional 2,150,111 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Performant Financial by 1.2% during the 2nd quarter. Renaissance Technologies LLC now owns 944,839 shares of the business services provider’s stock valued at $992,000 after purchasing an additional 10,900 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Performant Financial by 5.8% during the 2nd quarter. BlackRock Inc. now owns 174,050 shares of the business services provider’s stock valued at $183,000 after purchasing an additional 9,537 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Performant Financial by 92.3% during the 2nd quarter. Vanguard Group Inc. now owns 895,851 shares of the business services provider’s stock valued at $941,000 after purchasing an additional 429,909 shares during the last quarter. 56.61% of the stock is currently owned by institutional investors.

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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