Performant Financial Corp (NASDAQ:PFMT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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, TheStreet cut Performant Financial Corp from a “c-” rating to a “d” rating in a report on Thursday, March 2nd.

Performant Financial Corp (NASDAQ:PFMT) traded up 3.17% on Wednesday, reaching $2.28. 26,380 shares of the company traded hands. Performant Financial Corp has a one year low of $1.50 and a one year high of $4.07. The stock’s market capitalization is $115.14 million. The firm has a 50 day moving average of $2.34 and a 200-day moving average of $2.43.

Performant Financial Corp (NASDAQ:PFMT) last posted its quarterly earnings results on Tuesday, May 9th. The business services provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.04. The business had revenue of $33.11 million for the quarter, compared to the consensus estimate of $33.65 million. Performant Financial Corp had a return on equity of 6.79% and a net margin of 2.04%. Performant Financial Corp’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 earnings per share. On average, analysts anticipate that Performant Financial Corp will post ($0.06) EPS for the current year.

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Several institutional investors have recently bought and sold shares of PFMT. Vanguard Group Inc. boosted its position in shares of Performant Financial Corp by 0.3% in the first quarter. Vanguard Group Inc. now owns 1,019,885 shares of the business services provider’s stock worth $2,988,000 after buying an additional 2,816 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Performant Financial Corp by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,108,790 shares of the business services provider’s stock worth $2,606,000 after buying an additional 3,750 shares in the last quarter. Spark Investment Management LLC boosted its position in shares of Performant Financial Corp by 15.3% in the third quarter. Spark Investment Management LLC now owns 58,400 shares of the business services provider’s stock worth $172,000 after buying an additional 7,748 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Performant Financial Corp by 5.1% in the first quarter. Geode Capital Management LLC now owns 159,056 shares of the business services provider’s stock worth $466,000 after buying an additional 7,753 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in shares of Performant Financial Corp by 139.9% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 41,939 shares of the business services provider’s stock worth $123,000 after buying an additional 24,454 shares in the last quarter. Hedge funds and other institutional investors own 53.24% 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.

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