Performant Financial Co. (NASDAQ:PFMT) Short Interest Down 15.7% in November

Performant Financial Co. (NASDAQ:PFMT) was the recipient of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 918,700 shares, a drop of 15.7% from the October 31st total of 1,090,000 shares. Based on an average daily trading volume, of 142,100 shares, the short-interest ratio is presently 6.5 days.

Performant Financial Price Performance

PFMT stock opened at $3.14 on Friday. Performant Financial has a 52 week low of $2.37 and a 52 week high of $4.35. The firm has a market capitalization of $245.83 million, a P/E ratio of -31.10 and a beta of 0.14. The company has a fifty day simple moving average of $3.59 and a two-hundred day simple moving average of $3.35. 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 announced its quarterly earnings results on Wednesday, November 6th. The business services provider reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). Performant Financial had a negative net margin of 6.74% and a negative return on equity of 10.19%. The firm had revenue of $31.52 million during the quarter, compared to the consensus estimate of $31.70 million. During the same quarter last year, the firm earned ($0.01) EPS. Analysts anticipate that Performant Financial will post -0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on PFMT shares. B. Riley cut 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. Craig Hallum upgraded Performant Financial to a “strong-buy” rating in a research report on Tuesday, October 1st.

Hedge Funds Weigh In On Performant Financial

Large investors have recently modified their holdings of the stock. Quadrature Capital Ltd bought a new stake in Performant Financial in the third quarter worth $53,000. SG Americas Securities LLC bought a new stake in shares of Performant Financial in the 3rd quarter worth about $91,000. Rhumbline Advisers boosted its stake in shares of 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 purchasing an additional 20,637 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Performant Financial by 55.6% during 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 purchasing an additional 24,803 shares during the period. Finally, CWC Advisors LLC. bought a new position in Performant Financial during the 3rd quarter valued at about $271,000. Institutional investors own 77.15% of the company’s stock.

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.