Mirador Capital Partners LP Grows Holdings in Performant Financial Co. (NASDAQ:PFMT)

Mirador Capital Partners LP raised its position in Performant Financial Co. (NASDAQ:PFMT) by 0.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,065,131 shares of the business services provider’s stock after purchasing an additional 13,936 shares during the period. Performant Financial makes up approximately 1.4% of Mirador Capital Partners LP’s investment portfolio, making the stock its 16th biggest position. Mirador Capital Partners LP’s holdings in Performant Financial were worth $7,724,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Essex Investment Management Co. LLC raised its position in shares of Performant Financial by 1.5% in the 1st quarter. Essex Investment Management Co. LLC now owns 582,532 shares of the business services provider’s stock valued at $1,713,000 after purchasing an additional 8,753 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Performant Financial by 32.1% in the second 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 last quarter. SG Americas Securities LLC acquired a new stake in Performant Financial in the third quarter valued at $91,000. Bank of New York Mellon Corp boosted its stake in Performant Financial by 18.4% during 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 acquiring an additional 31,075 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Performant Financial by 170.0% during the 1st quarter. BNP Paribas Financial Markets now owns 50,358 shares of the business services provider’s stock worth $148,000 after acquiring an additional 31,710 shares in the last quarter. 77.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PFMT. B. Riley assumed coverage on shares of Performant Financial in a research note on Thursday, July 25th. They issued a “buy” rating and a $8.00 target price on the stock. Craig Hallum upgraded Performant Financial to a “strong-buy” rating in a research note on Tuesday.

Performant Financial Stock Performance

Shares of NASDAQ:PFMT traded up $0.08 on Friday, reaching $3.56. 98,428 shares of the company’s stock were exchanged, compared to its average volume of 184,127. Performant Financial Co. has a fifty-two week low of $2.00 and a fifty-two week high of $4.04. The business’s 50-day moving average is $3.62 and its two-hundred day moving average is $3.14. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $274.80 million, a price-to-earnings ratio of -39.55 and a beta of 0.13.

Performant Financial (NASDAQ:PFMT) last issued its earnings results on Wednesday, August 7th. The business services provider reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $29.36 million during 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 firm posted ($0.05) earnings per share. As a group, equities research analysts forecast that Performant Financial Co. will post -0.11 EPS for the current 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.