Performant Financial Co. (NASDAQ:PFMT) Stake Raised by First Eagle Investment Management LLC

First Eagle Investment Management LLC grew its holdings in shares of Performant Financial Co. (NASDAQ:PFMT) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,256,841 shares of the business services provider’s stock after purchasing an additional 37,500 shares during the period. First Eagle Investment Management LLC owned approximately 2.93% of Performant Financial worth $6,545,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. First Light Asset Management LLC grew its position in Performant Financial by 3.1% in the fourth quarter. First Light Asset Management LLC now owns 9,670,110 shares of the business services provider’s stock worth $30,219,000 after buying an additional 291,814 shares during the last quarter. Parkman Healthcare Partners LLC grew its holdings in shares of Performant Financial by 21.7% in the 4th quarter. Parkman Healthcare Partners LLC now owns 1,580,865 shares of the business services provider’s stock worth $4,940,000 after acquiring an additional 281,480 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Performant Financial by 22.4% during the fourth quarter. Wellington Management Group LLP now owns 1,046,100 shares of the business services provider’s stock worth $3,269,000 after purchasing an additional 191,100 shares during the period. Greenwood Capital Associates LLC lifted its holdings in shares of Performant Financial by 40.6% during the fourth quarter. Greenwood Capital Associates LLC now owns 244,697 shares of the business services provider’s stock valued at $765,000 after purchasing an additional 70,682 shares during the last quarter. Finally, Mirador Capital Partners LP boosted its position in shares of Performant Financial by 4.0% in the 1st quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock valued at $5,868,000 after purchasing an additional 76,933 shares during the period. Institutional investors and hedge funds own 77.15% of the company’s stock.

Analysts Set New Price Targets

Separately, B. Riley assumed coverage on shares of Performant Financial in a research note on Thursday, July 25th. They set a “buy” rating and a $8.00 price objective for the company.

Performant Financial Trading Up 0.5 %

NASDAQ PFMT opened at $3.94 on Friday. The firm’s 50 day moving average price is $3.52 and its two-hundred day moving average price is $3.09. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.65 and a current ratio of 2.65. Performant Financial Co. has a twelve month low of $2.00 and a twelve month high of $4.03. The stock has a market cap of $304.13 million, a price-to-earnings ratio of -43.77 and a beta of 0.13.

Performant Financial (NASDAQ:PFMT) last issued its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $29.36 million for the quarter, compared to the consensus estimate of $28.20 million. Performant Financial had a negative return on equity of 8.11% and a negative net margin of 5.32%. During the same quarter in the previous year, the company posted ($0.05) earnings per share. Equities analysts anticipate that Performant Financial Co. will post -0.11 EPS for the current year.

About Performant Financial

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.