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StockNews.com Lowers Performant Financial (NASDAQ:PFMT) to Sell

Financial News Live ·  Aug 10, 2022 23:41

Performant Financial (NASDAQ:PFMT – Get Rating) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a report issued on Wednesday.

Performant Financial Stock Performance

Shares of PFMT traded down $0.02 during trading hours on Wednesday, reaching $2.58. 53,900 shares of the company traded hands, compared to its average volume of 226,015. The stock has a market capitalization of $188.71 million, a P/E ratio of -21.50 and a beta of -0.32. The company has a quick ratio of 4.17, a current ratio of 4.17 and a debt-to-equity ratio of 0.22. Performant Financial has a 12-month low of $1.85 and a 12-month high of $5.08. The business has a fifty day moving average price of $2.59 and a 200-day moving average price of $2.49.

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Performant Financial (NASDAQ:PFMT – Get Rating) last posted its quarterly earnings results on Monday, May 9th. The business services provider reported ($0.02) EPS for the quarter. Performant Financial had a negative net margin of 6.26% and a negative return on equity of 10.15%. The business had revenue of $27.08 million during the quarter. During the same quarter last year, the firm posted ($0.06) earnings per share.

Institutional Investors Weigh In On Performant Financial

Several hedge funds have recently added to or reduced their stakes in PFMT. Prescott Group Capital Management L.L.C. boosted its holdings in Performant Financial by 10.5% in the first quarter. Prescott Group Capital Management L.L.C. now owns 15,454,704 shares of the business services provider's stock valued at $48,064,000 after purchasing an additional 1,471,659 shares during the last quarter. Cooper Creek Partners Management LLC boosted its holdings in Performant Financial by 98.7% in the fourth quarter. Cooper Creek Partners Management LLC now owns 2,565,560 shares of the business services provider's stock valued at $6,183,000 after purchasing an additional 1,274,684 shares during the last quarter. Kent Lake Capital LLC purchased a new stake in shares of Performant Financial during the 4th quarter worth about $2,699,000. Mirador Capital Partners LP boosted its stake in shares of Performant Financial by 25.8% during the 2nd quarter. Mirador Capital Partners LP now owns 1,669,983 shares of the business services provider's stock worth $4,392,000 after acquiring an additional 342,053 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Performant Financial by 113.1% during the 1st quarter. First Eagle Investment Management LLC now owns 383,453 shares of the business services provider's stock worth $1,193,000 after acquiring an additional 203,552 shares in the last quarter. 80.19% of the stock is owned by hedge funds and other institutional investors.

Performant Financial Company Profile

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Performant Financial Corporation provides technology-enabled audit, recovery, outsource customer, and related analytics services in the United States. The company offers recovery services to the clients in Federal guaranteed student loan program and private institutions; identifies and tracks defaulted borrowers across its clients' portfolios of student loans; rehabilitates and recovers past due student loans; provides tax recovery services to federal, state and municipal agencies; recovers government debt for various federal agencies; and offers audit and recovery services to identify improper healthcare payments for public and private healthcare clients.

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