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

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

PFMT has been the subject of several recent analyst reports. William Blair reaffirmed a “market perform” rating on shares of Performant Financial in a research report on Monday, August 19th. ValuEngine downgraded shares of Performant Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. Finally, Zacks Investment Research downgraded shares of Performant Financial from a “hold” rating to a “sell” rating in a research report on Friday, August 23rd.

NASDAQ PFMT traded down $0.02 during mid-day trading on Friday, hitting $1.15. The company’s stock had a trading volume of 5,341 shares, compared to its average volume of 32,515. The company’s 50 day simple moving average is $1.19 and its 200 day simple moving average is $1.59. Performant Financial has a twelve month low of $1.00 and a twelve month high of $2.86. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $62.24 million, a price-to-earnings ratio of -3.59 and a beta of 0.22.

Performant Financial (NASDAQ:PFMT) last posted its quarterly earnings results on Tuesday, August 13th. The business services provider reported ($0.13) earnings per share (EPS) for the quarter, missing the 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 business had revenue of $35.83 million during the quarter, compared to analyst estimates of $36.20 million. As a group, research analysts forecast that Performant Financial will post -0.41 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of PFMT. Mirador Capital Partners LP grew its position in Performant Financial by 15.5% in the 2nd quarter. Mirador Capital Partners LP now owns 192,445 shares of the business services provider’s stock valued at $202,000 after purchasing an additional 25,762 shares during the period. Prescott Group Capital Management L.L.C. grew its position in 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 period. Renaissance Technologies LLC grew its position in 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 period. BlackRock Inc. grew its position in 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 period. Finally, Vanguard Group Inc. grew its position in 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 period. 56.47% of the stock is owned by institutional investors and hedge funds.

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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