CWC Advisors LLC. Invests $271,000 in Performant Financial Co. (NASDAQ:PFMT)

CWC Advisors LLC. purchased a new position in Performant Financial Co. (NASDAQ:PFMT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 72,425 shares of the business services provider’s stock, valued at approximately $271,000. CWC Advisors LLC. owned about 0.09% of Performant Financial at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PFMT. First Light Asset Management LLC lifted its position in 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 buying an additional 845,017 shares in the last quarter. Kent Lake Capital LLC purchased a new position in Performant Financial during the first quarter worth approximately $588,000. Wellington Management Group LLP lifted its position in 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 buying an additional 191,100 shares in the last quarter. Mirador Capital Partners LP lifted its position in Performant Financial by 4.0% during the first quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock worth $5,868,000 after buying an additional 76,933 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its position in Performant Financial by 3.5% during the first quarter. First Eagle Investment Management LLC now owns 2,219,341 shares of the business services provider’s stock worth $6,525,000 after buying an additional 74,954 shares in the last quarter. 77.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PFMT shares. Craig Hallum upgraded Performant Financial to a “strong-buy” rating in a research report on Tuesday, October 1st. B. Riley started coverage on Performant Financial in a research report on Thursday, July 25th. They issued a “buy” rating and a $8.00 target price on the stock.

Performant Financial Price Performance

NASDAQ:PFMT opened at $3.86 on Friday. Performant Financial Co. has a 52 week low of $2.10 and a 52 week high of $4.04. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.11. The stock’s fifty day moving average is $3.68 and its two-hundred day moving average is $3.23. The company has a market capitalization of $297.04 million, a P/E ratio of -42.89 and a beta of 0.13.

Performant Financial (NASDAQ:PFMT) last issued its quarterly earnings data 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. Performant Financial had a negative return on equity of 8.11% and a negative net margin of 5.32%. The business had revenue of $29.36 million during the quarter, compared to analysts’ expectations of $28.20 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. Equities analysts expect that Performant Financial Co. will post -0.11 EPS for the current year.

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.