Prescott Group Capital Managem Buys 378,481 Shares of Performant Financial Corp (NASDAQ:PFMT) Stock

Performant Financial Corp (NASDAQ:PFMT) major shareholder Prescott Group Capital Managem bought 378,481 shares of Performant Financial stock in a transaction that occurred on Wednesday, October 9th. The stock was bought at an average cost of $1.00 per share, for a total transaction of $378,481.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Shares of Performant Financial stock traded down $0.02 during trading hours on Thursday, reaching $0.98. 194,521 shares of the company’s stock were exchanged, compared to its average volume of 11,526. Performant Financial Corp has a 52-week low of $0.98 and a 52-week high of $2.86. The firm has a market capitalization of $56.34 million, a price-to-earnings ratio of -3.06 and a beta of 0.18. The company has a fifty day moving average of $1.12 and a 200-day moving average of $1.45. 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 issued its quarterly earnings results on Tuesday, August 13th. The business services provider reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Performant Financial had a negative return on equity of 32.75% and a negative net margin of 20.11%. The business had revenue of $35.83 million for the quarter, compared to analysts’ expectations of $36.20 million. On average, equities research analysts anticipate that Performant Financial Corp will post -0.41 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Paloma Partners Management Co purchased a new stake in shares of Performant Financial in the 2nd quarter valued at about $36,000. Vanguard Group Inc. lifted its holdings in shares of Performant Financial by 92.3% in the 2nd quarter. Vanguard Group Inc. now owns 895,851 shares of the business services provider’s stock valued at $941,000 after purchasing an additional 429,909 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Performant Financial by 5.8% in the 2nd quarter. BlackRock Inc. now owns 174,050 shares of the business services provider’s stock valued at $183,000 after purchasing an additional 9,537 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Performant Financial by 1.2% in the 2nd quarter. Renaissance Technologies LLC now owns 944,839 shares of the business services provider’s stock valued at $992,000 after purchasing an additional 10,900 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. lifted its holdings in shares of Performant Financial by 41.4% in the 2nd 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 purchasing an additional 2,150,111 shares during the last quarter. Institutional investors and hedge funds own 56.47% of the company’s stock.

A number of research analysts have weighed in on the company. ValuEngine raised Performant Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. William Blair reissued a “market perform” rating on shares of Performant Financial in a research note on Monday, August 19th. Finally, Zacks Investment Research lowered Performant Financial from a “hold” rating to a “sell” rating in a research note on Friday, August 23rd.

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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