Quadrature Capital Ltd Takes Position in Performant Financial Co. (NASDAQ:PFMT)

Quadrature Capital Ltd acquired a new stake in shares of Performant Financial Co. (NASDAQ:PFMT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,317 shares of the business services provider’s stock, valued at approximately $53,000.

Other institutional investors have also recently made changes to their positions in the company. First Eagle Investment Management LLC raised its holdings in shares of Performant Financial by 1.7% during the second quarter. First Eagle Investment Management LLC now owns 2,256,841 shares of the business services provider’s stock valued at $6,545,000 after purchasing an additional 37,500 shares during the period. Rhumbline Advisers raised its holdings in shares of Performant Financial by 32.1% in 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 last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Performant Financial by 12.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 526,277 shares of the business services provider’s stock worth $1,526,000 after acquiring an additional 60,300 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Performant Financial by 55.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 69,440 shares of the business services provider’s stock worth $260,000 after acquiring an additional 24,803 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Performant Financial by 18.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider’s stock worth $581,000 after acquiring an additional 31,075 shares during the last quarter. Institutional investors and hedge funds own 77.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PFMT shares. Craig Hallum upgraded shares of Performant Financial to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley decreased their price objective 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 Up 5.6 %

Performant Financial stock opened at $3.59 on Friday. Performant Financial Co. has a twelve month low of $2.37 and a twelve month high of $4.35. The firm has a 50 day moving average price of $3.48 and a 200-day moving average price of $3.36. The company has a market capitalization of $281.06 million, a P/E ratio of -35.90 and a beta of 0.09. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.11.

Performant Financial (NASDAQ:PFMT) last released its quarterly earnings data on Wednesday, November 6th. The business services provider reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $31.52 million during the quarter, compared to the consensus estimate of $31.70 million. Performant Financial had a negative net margin of 6.74% and a negative return on equity of 10.19%. During the same period last year, the firm earned ($0.01) EPS. As a group, equities analysts predict that Performant Financial Co. will post -0.13 EPS for the current 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.