Performant Financial Co. (NASDAQ:PFMT) Position Reduced by Parkman Healthcare Partners LLC

Parkman Healthcare Partners LLC reduced its position in Performant Financial Co. (NASDAQ:PFMT) by 11.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,440,838 shares of the business services provider’s stock after selling 182,361 shares during the quarter. Parkman Healthcare Partners LLC’s holdings in Performant Financial were worth $5,389,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Performant Financial by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 3,663,336 shares of the business services provider’s stock worth $10,770,000 after purchasing an additional 59,043 shares in the last quarter. Mirador Capital Partners LP grew its holdings in shares of Performant Financial by 2.8% during the second quarter. Mirador Capital Partners LP now owns 2,051,195 shares of the business services provider’s stock valued at $5,948,000 after buying an additional 55,400 shares in the last quarter. Bank of New York Mellon Corp raised its position in Performant Financial by 18.4% during the second quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider’s stock valued at $581,000 after buying an additional 31,075 shares during the period. HighMark Wealth Management LLC lifted its stake in Performant Financial by 8.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 785,550 shares of the business services provider’s stock worth $2,278,000 after acquiring an additional 60,000 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Performant Financial by 32.1% during the 2nd quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider’s stock worth $246,000 after acquiring an additional 20,637 shares during the period. Institutional investors and hedge funds own 77.15% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Craig Hallum raised shares of Performant Financial to a “strong-buy” rating in a research report on Tuesday, October 1st. B. Riley decreased their target price on shares of Performant Financial from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 7th.

Performant Financial Stock Down 1.3 %

Shares of Performant Financial stock opened at $3.14 on Wednesday. The stock has a 50-day simple moving average of $3.54 and a 200-day simple moving average of $3.35. Performant Financial Co. has a 52-week low of $2.37 and a 52-week high of $4.35. The firm has a market cap of $245.83 million, a price-to-earnings ratio of -31.40 and a beta of 0.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.67 and a quick ratio of 2.67.

Performant Financial (NASDAQ:PFMT) last announced its quarterly earnings results on Wednesday, November 6th. The business services provider reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). Performant Financial had a negative net margin of 6.74% and a negative return on equity of 10.19%. The company had revenue of $31.52 million for the quarter, compared to analyst estimates of $31.70 million. During the same quarter in the prior year, the business posted ($0.01) EPS. On average, equities research analysts expect that Performant Financial Co. will post -0.13 earnings per share for the current fiscal year.

Performant Financial Profile

Performant Financial Corporation provides technology-enabled audit, recovery, and analytics services in the United States. The company identifies improper payments resulting from incorrect coding, procedures that were not medically necessary, incomplete documentation or claims submitted based on outdated fee schedules, and coverage discrepancies; and provides first party call center and other outsourced services.