Zacks Investment Research Upgrades Performant Financial (PFMT) to Hold

Zacks Investment Research upgraded shares of Performant Financial (NASDAQ:PFMT) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday, January 10th.

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, ValuEngine raised shares of Performant Financial from a sell rating to a hold rating in a report on Friday, December 1st.

Performant Financial (NASDAQ:PFMT) traded up $0.08 during trading hours on Wednesday, reaching $2.63. 72,225 shares of the company traded hands, compared to its average volume of 567,119. Performant Financial has a 1 year low of $1.50 and a 1 year high of $3.52. The firm has a market cap of $130.97, a PE ratio of -5.10 and a beta of 1.08. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.49.

Performant Financial (NASDAQ:PFMT) last announced its quarterly earnings data on Tuesday, November 7th. The business services provider reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.08). Performant Financial had a negative net margin of 19.27% and a negative return on equity of 15.46%. The business had revenue of $29.70 million during the quarter, compared to analyst estimates of $31.45 million. During the same quarter in the prior year, the company posted $0.02 EPS. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. research analysts forecast that Performant Financial will post -0.25 EPS for the current fiscal year.

In other news, CEO Lisa Im sold 40,450 shares of the firm’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $1.60, for a total value of $64,720.00. Following the transaction, the chief executive officer now owns 1,456,884 shares of the company’s stock, valued at approximately $2,331,014.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 33.60% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in PFMT. Northern Trust Corp raised its holdings in Performant Financial by 5.6% during the 2nd quarter. Northern Trust Corp now owns 72,716 shares of the business services provider’s stock worth $152,000 after buying an additional 3,857 shares during the period. Sterling Capital Management LLC raised its holdings in Performant Financial by 2.0% during the 2nd quarter. Sterling Capital Management LLC now owns 404,570 shares of the business services provider’s stock worth $846,000 after buying an additional 8,060 shares during the period. Finally, 22NW LP raised its holdings in Performant Financial by 2.5% during the 3rd quarter. 22NW LP now owns 1,149,038 shares of the business services provider’s stock worth $2,091,000 after buying an additional 28,533 shares during the period. Hedge funds and other institutional investors own 54.48% of the company’s stock.

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About Performant Financial

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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