Performant Financial Co. (NASDAQ:PFMT) Stock Position Raised by First Eagle Investment Management LLC

First Eagle Investment Management LLC lifted its position in Performant Financial Co. (NASDAQ:PFMT) by 1.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,256,841 shares of the business services provider’s stock after buying an additional 37,500 shares during the quarter. First Eagle Investment Management LLC’s holdings in Performant Financial were worth $6,545,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PFMT. First Light Asset Management LLC grew its position in Performant Financial by 3.1% in the fourth quarter. First Light Asset Management LLC now owns 9,670,110 shares of the business services provider’s stock worth $30,219,000 after acquiring an additional 291,814 shares in the last quarter. Parkman Healthcare Partners LLC lifted its stake in shares of Performant Financial by 21.7% in the 4th quarter. Parkman Healthcare Partners LLC now owns 1,580,865 shares of the business services provider’s stock valued at $4,940,000 after purchasing an additional 281,480 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Performant Financial by 22.4% in the fourth quarter. Wellington Management Group LLP now owns 1,046,100 shares of the business services provider’s stock worth $3,269,000 after purchasing an additional 191,100 shares in the last quarter. Greenwood Capital Associates LLC increased its position in Performant Financial by 40.6% during the fourth quarter. Greenwood Capital Associates LLC now owns 244,697 shares of the business services provider’s stock worth $765,000 after buying an additional 70,682 shares during the last quarter. Finally, Mirador Capital Partners LP raised its holdings in Performant Financial by 4.0% during the first quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock valued at $5,868,000 after buying an additional 76,933 shares in the last quarter. Institutional investors and hedge funds own 77.15% of the company’s stock.

Performant Financial Trading Up 0.5 %

NASDAQ:PFMT opened at $3.94 on Friday. The company’s 50 day moving average is $3.52 and its 200-day moving average is $3.09. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.11. Performant Financial Co. has a 12 month low of $2.00 and a 12 month high of $4.03. The firm has a market cap of $304.13 million, a price-to-earnings ratio of -43.77 and a beta of 0.13.

Performant Financial (NASDAQ:PFMT) last announced its earnings results on Wednesday, August 7th. The business services provider reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $29.36 million for the quarter, compared to the consensus estimate of $28.20 million. Performant Financial had a negative net margin of 5.32% and a negative return on equity of 8.11%. During the same quarter last year, the firm posted ($0.05) EPS. Equities analysts anticipate that Performant Financial Co. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, B. Riley started coverage on Performant Financial in a research note on Thursday, July 25th. They set a “buy” rating and a $8.00 price target for the company.

Performant Financial Company Profile

Performant Financial Corporation provides technology-enabled audit, recovery, and analytics services in the United States. The company identifies improper payments resulting from incorrect coding, procedures that were not medically necessary, incomplete documentation or claims submitted based on outdated fee schedules, and coverage discrepancies; and provides first party call center and other outsourced services.