Performant Financial (NASDAQ:PFMT) Now Covered by Lake Street Capital

Lake Street Capital initiated coverage on shares of Performant Financial (NASDAQ:PFMTGet Rating) in a research note released on Monday morning, The Fly reports. The brokerage issued a buy rating on the business services provider’s stock.

Several other research analysts have also issued reports on the company. Zacks Investment Research lowered Performant Financial from a hold rating to a sell rating in a research note on Saturday, March 19th. Colliers Securities reiterated a buy rating on shares of Performant Financial in a research report on Tuesday, March 22nd. StockNews.com began coverage on Performant Financial in a research note on Thursday, March 31st. They issued a hold rating on the stock. Finally, TheStreet upgraded Performant Financial from a d+ rating to a c rating in a research note on Tuesday, April 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $10.50.

Shares of NASDAQ PFMT opened at $2.77 on Monday. Performant Financial has a twelve month low of $1.82 and a twelve month high of $5.29. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $194.68 million, a price-to-earnings ratio of -15.39 and a beta of -0.54. The firm has a 50-day moving average of $2.56 and a two-hundred day moving average of $2.72.

Performant Financial (NASDAQ:PFMTGet Rating) last posted its quarterly earnings data on Tuesday, March 15th. The business services provider reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.08. The firm had revenue of $31.58 million for the quarter. Performant Financial had a negative return on equity of 14.76% and a negative net margin of 8.27%. During the same quarter in the previous year, the firm posted $0.07 EPS. As a group, research analysts predict that Performant Financial will post -0.09 earnings per share for the current year.

In other news, major shareholder Ecmc Group, Inc. sold 20,000 shares of the company’s stock in a transaction dated Wednesday, February 23rd. The stock was sold at an average price of $2.32, for a total value of $46,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Prescott Group Capital Managem bought 100,000 shares of the stock in a transaction dated Friday, March 25th. The stock was bought at an average cost of $2.84 per share, with a total value of $284,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 1,012,789 shares of company stock worth $2,095,158 and have sold 351,594 shares worth $784,891. Company insiders own 14.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. Prescott Group Capital Management L.L.C. raised its holdings in Performant Financial by 11.1% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 13,983,045 shares of the business services provider’s stock worth $33,699,000 after purchasing an additional 1,397,784 shares during the period. Cannell Capital LLC grew its position in Performant Financial by 9.6% in the third quarter. Cannell Capital LLC now owns 3,453,486 shares of the business services provider’s stock worth $13,676,000 after acquiring an additional 303,206 shares in the last quarter. Cooper Creek Partners Management LLC grew its position 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 worth $6,183,000 after acquiring an additional 1,274,684 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Performant Financial by 9.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,524,629 shares of the business services provider’s stock valued at $3,674,000 after buying an additional 127,500 shares during the period. Finally, Next Century Growth Investors LLC raised its stake in shares of Performant Financial by 1,005.8% during the third quarter. Next Century Growth Investors LLC now owns 1,268,954 shares of the business services provider’s stock valued at $5,025,000 after acquiring an additional 1,154,199 shares in the last quarter. Institutional investors own 85.38% of the company’s stock.

About Performant Financial (Get Rating)

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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