Renaissance Technologies LLC Sells 8,500 Shares of Performant Financial Co. (NASDAQ:PFMT)

Renaissance Technologies LLC trimmed its stake in Performant Financial Co. (NASDAQ:PFMT) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 755,663 shares of the business services provider’s stock after selling 8,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Performant Financial were worth $2,191,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PFMT. First Light Asset Management LLC increased 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 buying an additional 291,814 shares in the last quarter. Parkman Healthcare Partners LLC boosted its holdings 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 worth $4,940,000 after purchasing an additional 281,480 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Performant Financial by 22.4% in the 4th 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 during the period. Greenwood Capital Associates LLC boosted its holdings in shares of Performant Financial by 40.6% in the 4th quarter. Greenwood Capital Associates LLC now owns 244,697 shares of the business services provider’s stock worth $765,000 after purchasing an additional 70,682 shares during the period. Finally, Mirador Capital Partners LP boosted its holdings in shares of Performant Financial by 4.0% in the 1st quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock worth $5,868,000 after purchasing an additional 76,933 shares during the period. 77.15% of the stock is owned by institutional investors.

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 Trading Down 2.0 %

PFMT opened at $3.47 on Thursday. The firm 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 Co. has a 12 month low of $2.00 and a 12 month high of $4.04. The stock has a fifty day moving average price of $3.62 and a 200-day moving average price of $3.13.

Performant Financial (NASDAQ:PFMT) last announced its earnings results on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share 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 return on equity of 8.11% and a negative net margin of 5.32%. During the same period in the previous year, the business earned ($0.05) EPS. As a group, equities research analysts anticipate that Performant Financial Co. will post -0.11 earnings per share for the current fiscal year.

About Performant Financial

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.