Performant Financial (PFMT) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Performant Financial (NASDAQ:PFMT) from a hold rating to a sell rating in a report issued on Tuesday morning.

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. “

A number of other research firms have also commented on PFMT. ValuEngine raised shares of Performant Financial from a hold rating to a buy rating in a research report on Wednesday, May 2nd. TheStreet raised shares of Performant Financial from a d rating to a c- rating in a research report on Friday, March 9th. Finally, Compass Point reissued a buy rating and issued a $3.50 price target on shares of Performant Financial in a research report on Wednesday, March 7th.

Performant Financial opened at $2.58 on Tuesday, Marketbeat Ratings reports. Performant Financial has a 12 month low of $1.52 and a 12 month high of $3.52. The company has a market capitalization of $134.96 million, a PE ratio of -13.71 and a beta of 1.20. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.44 and a current ratio of 2.44.

Performant Financial (NASDAQ:PFMT) last released its quarterly earnings results on Tuesday, May 8th. The business services provider reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.03. Performant Financial had a negative net margin of 0.84% and a negative return on equity of 14.68%. The company had revenue of $57.02 million for the quarter, compared to analyst estimates of $29.10 million. analysts predict that Performant Financial will post -0.16 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. Mirador Capital Partners LP increased its position in Performant Financial by 28.8% during the first quarter. Mirador Capital Partners LP now owns 79,812 shares of the business services provider’s stock worth $241,000 after acquiring an additional 17,869 shares during the period. Renaissance Technologies LLC increased its position in Performant Financial by 4.4% during the fourth quarter. Renaissance Technologies LLC now owns 843,800 shares of the business services provider’s stock worth $1,392,000 after acquiring an additional 35,900 shares during the period. Dimensional Fund Advisors LP increased its position in Performant Financial by 8.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,146,662 shares of the business services provider’s stock worth $3,440,000 after acquiring an additional 84,896 shares during the period. Finally, Prescott Group Capital Management L.L.C. increased its position in Performant Financial by 1.0% during the first quarter. Prescott Group Capital Management L.L.C. now owns 4,287,361 shares of the business services provider’s stock worth $12,862,000 after acquiring an additional 43,769 shares during the period. 58.40% of the stock is currently owned by institutional investors.

About Performant Financial

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

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