Performant Financial (NASDAQ:PFMT) Upgraded at Craig Hallum

Performant Financial (NASDAQ:PFMT) was upgraded by Craig Hallum to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks.com reports.

Separately, B. Riley began coverage on Performant Financial in a report on Thursday, July 25th. They set a “buy” rating and a $8.00 price objective on the stock.

Performant Financial Stock Down 2.0 %

Shares of NASDAQ PFMT opened at $3.47 on Tuesday. The company has a market cap of $267.85 million, a price-to-earnings ratio of -38.55 and a beta of 0.13. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.11. Performant Financial has a 12 month low of $2.00 and a 12 month high of $4.04. The stock has a 50-day moving average price of $3.62 and a two-hundred day moving average price of $3.13.

Performant Financial (NASDAQ:PFMT) last released its quarterly earnings data on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Performant Financial had a negative net margin of 5.32% and a negative return on equity of 8.11%. The business had revenue of $29.36 million during the quarter, compared to analysts’ expectations of $28.20 million. During the same period in the prior year, the company earned ($0.05) EPS. As a group, analysts forecast that Performant Financial will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Performant Financial

Hedge funds have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC raised its stake in shares of Performant Financial by 1.7% during the second quarter. First Eagle Investment Management LLC now owns 2,256,841 shares of the business services provider’s stock valued at $6,545,000 after acquiring an additional 37,500 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Performant Financial by 12.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 526,277 shares of the business services provider’s stock worth $1,526,000 after purchasing an additional 60,300 shares during the last quarter. Rhumbline Advisers lifted its holdings in Performant Financial by 32.1% during the 2nd quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider’s stock worth $246,000 after buying an additional 20,637 shares during the period. HighMark Wealth Management LLC lifted its holdings in Performant Financial by 8.3% during the 2nd quarter. HighMark Wealth Management LLC now owns 785,550 shares of the business services provider’s stock worth $2,278,000 after buying an additional 60,000 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Performant Financial by 18.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider’s stock valued at $581,000 after buying an additional 31,075 shares during the last quarter. 77.15% of the stock is currently owned by institutional investors and hedge funds.

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.