Performant Financial Corp (NASDAQ:PFMT) major shareholder Prescott Group Capital Managem purchased 378,481 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were purchased at an average cost of $1.00 per share, for a total transaction of $378,481.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of PFMT stock opened at $1.02 on Friday. The firm has a market cap of $54.73 million, a price-to-earnings ratio of -3.19 and a beta of 0.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62. Performant Financial Corp has a 52 week low of $0.98 and a 52 week high of $2.86. The firm’s 50-day simple moving average is $1.11 and its two-hundred day simple moving average is $1.44.
Performant Financial (NASDAQ:PFMT) last announced its quarterly earnings data on Tuesday, August 13th. The business services provider reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $35.83 million during the quarter, compared to the consensus estimate of $36.20 million. Performant Financial had a negative return on equity of 32.75% and a negative net margin of 20.11%. Analysts forecast that Performant Financial Corp will post -0.41 earnings per share for the current year.
A number of research firms recently weighed in on PFMT. William Blair reissued a “market perform” rating on shares of Performant Financial in a research report on Monday, August 19th. Zacks Investment Research lowered shares of Performant Financial from a “hold” rating to a “sell” rating in a research report on Friday, August 23rd. Finally, ValuEngine lowered shares of Performant Financial from a “buy” rating to a “hold” rating in a research report on Thursday.
A number of hedge funds have recently made changes to their positions in the business. Prescott Group Capital Management L.L.C. raised its position in Performant Financial by 41.4% in the second quarter. Prescott Group Capital Management L.L.C. now owns 7,348,179 shares of the business services provider’s stock worth $7,716,000 after acquiring an additional 2,150,111 shares during the period. Renaissance Technologies LLC raised its position in Performant Financial by 1.2% in the second quarter. Renaissance Technologies LLC now owns 944,839 shares of the business services provider’s stock worth $992,000 after acquiring an additional 10,900 shares during the period. Vanguard Group Inc. raised its position in Performant Financial by 92.3% in the second quarter. Vanguard Group Inc. now owns 895,851 shares of the business services provider’s stock worth $941,000 after acquiring an additional 429,909 shares during the period. Mirador Capital Partners LP raised its position in Performant Financial by 15.5% in the second quarter. Mirador Capital Partners LP now owns 192,445 shares of the business services provider’s stock worth $202,000 after acquiring an additional 25,762 shares during the period. Finally, BlackRock Inc. raised its position in Performant Financial by 5.8% in the second quarter. BlackRock Inc. now owns 174,050 shares of the business services provider’s stock worth $183,000 after acquiring an additional 9,537 shares during the period. 56.47% of the stock is currently owned by institutional investors and hedge funds.
Performant Financial Company Profile
Performant Financial Corporation provides technology-enabled audit, recovery, outsource customer, and related analytics services in the United States. The company offers recovery services primarily to the government-supported student loan industry serving guaranty agencies, private financial institutions, and the Department of Education; and restructures and recovers student loans issued directly by banks to students outside of federal lending programs.
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