B. Riley Comments on Performant Financial Co.’s Q2 2024 Earnings (NASDAQ:PFMT)

Performant Financial Co. (NASDAQ:PFMT) – Investment analysts at B. Riley issued their Q2 2024 earnings per share estimates for shares of Performant Financial in a note issued to investors on Wednesday, July 24th. B. Riley analyst K. Bauser anticipates that the business services provider will post earnings of ($0.05) per share for the quarter. B. Riley has a “Buy” rating and a $8.00 price objective on the stock. The consensus estimate for Performant Financial’s current full-year earnings is ($0.06) per share. B. Riley also issued estimates for Performant Financial’s Q3 2024 earnings at $0.00 EPS, Q4 2024 earnings at $0.03 EPS, FY2024 earnings at ($0.06) EPS and FY2025 earnings at $0.10 EPS.

Performant Financial (NASDAQ:PFMT) last posted its earnings results on Tuesday, May 7th. The business services provider reported ($0.05) earnings per share (EPS) for the quarter. The business had revenue of $27.33 million for the quarter. Performant Financial had a negative net margin of 6.34% and a negative return on equity of 9.30%.

Separately, StockNews.com downgraded Performant Financial from a “hold” rating to a “sell” rating in a report on Thursday, May 9th.

Performant Financial Stock Performance

Shares of PFMT stock opened at $3.61 on Monday. The stock has a market cap of $277.79 million, a PE ratio of -40.11 and a beta of 0.17. Performant Financial has a 52-week low of $2.00 and a 52-week high of $3.62. The business has a 50-day simple moving average of $2.96 and a 200-day simple moving average of $2.88. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.06.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PFMT. HighMark Wealth Management LLC boosted its stake in shares of Performant Financial by 8.3% during 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. Bank of New York Mellon Corp boosted 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 worth $581,000 after purchasing an additional 31,075 shares in the last quarter. Mirador Capital Partners LP grew its holdings in Performant Financial by 2.8% in 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 purchasing an additional 55,400 shares during the period. Kent Lake Capital LLC acquired a new stake in Performant Financial in the 1st quarter valued at $588,000. Finally, First Light Asset Management LLC increased its stake in shares of Performant Financial by 8.7% during the first quarter. First Light Asset Management LLC now owns 10,515,127 shares of the business services provider’s stock worth $30,914,000 after purchasing an additional 845,017 shares in the last quarter. Hedge funds and other institutional investors own 77.15% of the company’s stock.

Performant Financial Company 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.