Performant Financial Corp (NASDAQ:PFMT) Sees Large Drop in Short Interest

Performant Financial Corp (NASDAQ:PFMT) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 78,700 shares, a decline of 15.1% from the July 31st total of 92,700 shares. Currently, 0.2% of the shares of the company are short sold. Based on an average daily volume of 55,600 shares, the short-interest ratio is currently 1.4 days.

Shares of NASDAQ:PFMT traded down $0.02 on Friday, hitting $1.15. The company had a trading volume of 5,341 shares, compared to its average volume of 32,515. Performant Financial has a 1-year low of $1.00 and a 1-year high of $2.86. The stock has a market cap of $62.24 million, a price-to-earnings ratio of -3.59 and a beta of 0.22. The stock has a 50 day moving average price of $1.19 and a 200 day moving average price of $1.59. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90.

Performant Financial (NASDAQ:PFMT) last released its quarterly earnings data on Tuesday, August 13th. The business services provider reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02). Performant Financial had a negative net margin of 20.11% and a negative return on equity of 32.75%. The company had revenue of $35.83 million during the quarter, compared to analyst estimates of $36.20 million. Sell-side analysts anticipate that Performant Financial will post -0.41 earnings per share for the current fiscal year.

Several equities analysts have commented on PFMT shares. William Blair reiterated a “market perform” rating on shares of Performant Financial in a report on Monday, August 19th. ValuEngine downgraded shares of Performant Financial from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Finally, Zacks Investment Research downgraded shares of Performant Financial from a “hold” rating to a “sell” rating in a report on Friday, August 23rd.

Several hedge funds have recently added to or reduced their stakes in PFMT. Mirador Capital Partners LP grew its stake in shares of 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 valued at $202,000 after acquiring an additional 25,762 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its stake in shares of 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 valued at $7,716,000 after acquiring an additional 2,150,111 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Performant Financial by 1.2% in the second quarter. Renaissance Technologies LLC now owns 944,839 shares of the business services provider’s stock valued at $992,000 after acquiring an additional 10,900 shares in the last quarter. BlackRock Inc. grew its stake in shares of Performant Financial by 5.8% in the second quarter. BlackRock Inc. now owns 174,050 shares of the business services provider’s stock valued at $183,000 after acquiring an additional 9,537 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Performant Financial by 92.3% in the second quarter. Vanguard Group Inc. now owns 895,851 shares of the business services provider’s stock valued at $941,000 after acquiring an additional 429,909 shares in the last quarter. Institutional investors and hedge funds own 56.47% of the company’s stock.

About Performant Financial

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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