Trade Report: The Performant Financial Corp. (PFMT) Stock Rating Upgraded by Zacks Investment Research

The Performant Financial Corp. (PFMT) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Performant Financial Corp. (NASDAQ:PFMT) from a hold rating to a buy rating in a report published on Wednesday. They currently have $3.50 price objective on the stock.

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, TheStreet upgraded Performant Financial Corp. from a sell rating to a hold rating in a report on Friday, September 9th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $4.33.

Shares of Performant Financial Corp. (NASDAQ:PFMT) opened at 3.05 on Wednesday. Performant Financial Corp. has a one year low of $1.51 and a one year high of $3.46. The firm has a market capitalization of $153.03 million, a price-to-earnings ratio of 50.83 and a beta of 1.34. The stock’s 50 day moving average price is $2.72 and its 200 day moving average price is $2.04.

Performant Financial Corp. (NASDAQ:PFMT) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.07. The business earned $38.10 million during the quarter, compared to the consensus estimate of $41.30 million. Performant Financial Corp. had a return on equity of 6.94% and a net margin of 2.21%. The firm’s revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.05 earnings per share. Analysts expect that Performant Financial Corp. will post $0.04 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in PFMT. BlackRock Fund Advisors increased its stake in Performant Financial Corp. by 24.6% in the second quarter. BlackRock Fund Advisors now owns 93,870 shares of the company’s stock worth $152,000 after buying an additional 18,541 shares in the last quarter. Counsel Portfolio Services Inc. increased its stake in shares of Performant Financial Corp. by 8.0% in the second quarter. Counsel Portfolio Services Inc. now owns 362,990 shares of the company’s stock valued at $588,000 after buying an additional 26,990 shares during the period. Renaissance Technologies LLC increased its stake in shares of Performant Financial Corp. by 36.2% in the first quarter. Renaissance Technologies LLC now owns 515,300 shares of the company’s stock valued at $876,000 after buying an additional 136,900 shares during the period. Palisade Capital Management LLC NJ acquired a new stake in shares of Performant Financial Corp. during the first quarter valued at about $376,000. Finally, Prescott Group Capital Management L.L.C. increased its stake in shares of Performant Financial Corp. by 5.1% in the second quarter. Prescott Group Capital Management L.L.C. now owns 4,554,690 shares of the company’s stock valued at $7,379,000 after buying an additional 221,518 shares during the period. Institutional investors and hedge funds own 56.37% of the company’s stock.

About Performant Financial Corp.

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.

Related posts

Leave a Comment