Zacks Investment Research Upgrades Performant Financial (PFMT) to Hold

Performant Financial (NASDAQ:PFMT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday.

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 Performant Financial from a “sell” rating to a “hold” rating in a research report on Friday, December 1st.

Shares of Performant Financial (NASDAQ:PFMT) opened at $1.62 on Wednesday. The company has a market capitalization of $85.11, a price-to-earnings ratio of -3.18 and a beta of 1.08. Performant Financial has a 12-month low of $1.50 and a 12-month high of $3.00. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.17 and a quick ratio of 1.17.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFMT. 22NW LP raised its position in Performant Financial by 2.5% in the 3rd quarter. 22NW LP now owns 1,149,038 shares of the business services provider’s stock valued at $2,091,000 after buying an additional 28,533 shares during the last quarter. Sterling Capital Management LLC grew its stake in Performant Financial by 2.0% in the 2nd quarter. Sterling Capital Management LLC now owns 404,570 shares of the business services provider’s stock valued at $846,000 after purchasing an additional 8,060 shares during the period. Finally, Northern Trust Corp grew its stake in Performant Financial by 5.6% in the 2nd quarter. Northern Trust Corp now owns 72,716 shares of the business services provider’s stock valued at $152,000 after purchasing an additional 3,857 shares during the period. 54.48% of the stock is owned by institutional investors and hedge funds.

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Performant Financial 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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