Performant Financial Corp. (PFMT) Raised to “Buy” at Zacks Investment Research
Performant Financial Corp. (NASDAQ:PFMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $3.50 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.82% from the stock’s current price.
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 shares of Performant Financial Corp. from a “sell” rating to a “hold” rating in a research report on Friday, September 9th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $4.33.
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/2016/10/12/performant-financial-corp-pfmt-raised-to-buy-at-zacks-investment-research.html
Shares of Performant Financial Corp. (NASDAQ:PFMT) opened at 3.13 on Wednesday. The firm has a 50-day moving average of $2.62 and a 200-day moving average of $2.00. Performant Financial Corp. has a 52 week low of $1.51 and a 52 week high of $3.46. The firm has a market cap of $157.04 million, a PE ratio of 52.17 and a beta of 1.35.
Performant Financial Corp. (NASDAQ:PFMT) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.07. The company had revenue of $38.10 million for the quarter, compared to analysts’ expectations of $41.30 million. Performant Financial Corp. had a net margin of 2.21% and a return on equity of 6.94%. Performant Financial Corp.’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 earnings per share. On average, analysts expect that Performant Financial Corp. will post $0.04 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of PFMT. Prescott Group Capital Management L.L.C. raised 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 in the last quarter. Palisade Capital Management LLC NJ purchased a new stake in shares of Performant Financial Corp. during the first quarter valued at about $376,000. Renaissance Technologies LLC raised 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 in the last quarter. Counsel Portfolio Services Inc. raised 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 in the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of Performant Financial Corp. by 24.6% in the second quarter. BlackRock Fund Advisors now owns 93,870 shares of the company’s stock valued at $152,000 after buying an additional 18,541 shares in the last quarter. Institutional investors own 56.37% of the company’s stock.
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.