Performant Financial Corp. (PFMT) Rating Lowered to Hold at Zacks Investment Research
Performant Financial Corp. (NASDAQ:PFMT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
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 raised Performant Financial Corp. from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $3.92.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/07/performant-financial-corp-pfmt-rating-lowered-to-hold-at-zacks-investment-research.html
Performant Financial Corp. (NASDAQ:PFMT) traded down 1.28% on Thursday, hitting $3.09. The stock had a trading volume of 15,558 shares. The company’s 50 day moving average price is $2.56 and its 200-day moving average price is $1.98. Performant Financial Corp. has a 12-month low of $1.51 and a 12-month high of $3.46. The company has a market cap of $155.04 million, a price-to-earnings ratio of 51.50 and a beta of 1.35.
Performant Financial Corp. (NASDAQ:PFMT) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.07. The firm 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%. Performant Financial Corp.’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.05 earnings per share. Equities research analysts anticipate that Performant Financial Corp. will post $0.04 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors increased its position 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. Palisade Capital Management LLC NJ purchased a new position in Performant Financial Corp. during the first quarter worth approximately $376,000. Counsel Portfolio Services Inc. increased its position in Performant Financial Corp. by 8.0% in the second quarter. Counsel Portfolio Services Inc. now owns 362,990 shares of the company’s stock worth $588,000 after buying an additional 26,990 shares in the last quarter. Renaissance Technologies LLC increased its position in Performant Financial Corp. by 36.2% in the first quarter. Renaissance Technologies LLC now owns 515,300 shares of the company’s stock worth $876,000 after buying an additional 136,900 shares in the last quarter. Finally, RMB Capital Management LLC increased its position in Performant Financial Corp. by 36.0% in the first quarter. RMB Capital Management LLC now owns 656,839 shares of the company’s stock worth $1,117,000 after buying an additional 173,937 shares in the last quarter. 56.37% of the stock is currently owned by institutional investors.
Performant Financial Corp. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Performant Financial Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Performant Financial Corp. and related companies with MarketBeat.com's FREE daily email newsletter.