According to Zacks, “Performant Financial Corporation is engaged in providing technology-enabled recovery and related analytics services in the United States. The company’s services help identify and recover delinquent or defaulted assets and improper payments for both government and private clients. Services offered by the company includes financial asset recovery, risk management, audit and recovery cost containment and fraud, waste and abuse marketplace. Performant provides its services on an outsourced basis. It provides services to clients in a range of different markets which includes student lending and healthcare, delinquent state taxes and federal Treasury and other receivables. Performant Financial Corporation is headquartered in Livermore, California. “
Separately, ValuEngine raised Performant Financial from a hold rating to a buy rating in a report on Friday, May 1st.
Performant Financial (NASDAQ:PFMT) last released its quarterly earnings results on Tuesday, May 19th. The business services provider reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.10. Performant Financial had a negative return on equity of 22.68% and a negative net margin of 19.09%. The firm had revenue of $45.89 million for the quarter, compared to analyst estimates of $38.80 million. As a group, research analysts predict that Performant Financial will post -0.03 EPS for the current year.
A hedge fund recently raised its stake in Performant Financial stock. Prescott Group Capital Management L.L.C. boosted its position in Performant Financial Corp (NASDAQ:PFMT) by 51.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,545,261 shares of the business services provider’s stock after buying an additional 4,255,667 shares during the quarter. Performant Financial makes up about 5.6% of Prescott Group Capital Management L.L.C.’s holdings, making the stock its 2nd biggest position. Prescott Group Capital Management L.L.C. owned about 23.28% of Performant Financial worth $11,291,000 at the end of the most recent reporting period. 49.14% of the stock is owned by institutional investors.
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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