Performant Financial Corp (NASDAQ:PFMT) Short Interest Up 66.7% in July

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Performant Financial Corp (NASDAQ:PFMT) was the target of a large growth in short interest in July. As of July 15th, there was short interest totalling 5,500 shares, a growth of 66.7% from the June 30th total of 3,300 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average daily volume of 81,600 shares, the days-to-cover ratio is presently 0.1 days.

Several equities analysts have weighed in on the stock. ValuEngine upgraded shares of Performant Financial from a “hold” rating to a “buy” rating in a report on Friday, May 1st. Zacks Investment Research downgraded shares of Performant Financial from a “buy” rating to a “hold” rating in a report on Saturday, June 27th.

A hedge fund recently raised its stake in Performant Financial stock. Prescott Group Capital Management L.L.C. grew its position in shares of Performant Financial Corp (NASDAQ:PFMT) by 51.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,545,261 shares of the business services provider’s stock after purchasing an additional 4,255,667 shares during the period. Performant Financial accounts for about 5.6% of Prescott Group Capital Management L.L.C.’s investment portfolio, making the stock its 2nd largest position. Prescott Group Capital Management L.L.C. owned about 23.28% of Performant Financial worth $11,291,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 48.67% of the company’s stock.

NASDAQ:PFMT opened at $0.59 on Friday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 1.50. The firm has a 50-day moving average price of $0.63 and a two-hundred day moving average price of $0.82. Performant Financial has a twelve month low of $0.54 and a twelve month high of $1.44. The company has a market capitalization of $32.11 million, a P/E ratio of -1.04 and a beta of -0.22.

Performant Financial (NASDAQ:PFMT) last posted its earnings results on Tuesday, May 19th. The business services provider reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.10. Performant Financial had a negative net margin of 19.09% and a negative return on equity of 22.68%. The firm had revenue of $45.89 million during the quarter, compared to the consensus estimate of $38.80 million.

About Performant Financial

Performant Financial Corporation provides technology-enabled audit, recovery, outsource customer, and related analytics services in the United States. The company offers recovery services primarily to the government-supported student loan industry serving guaranty agencies, private financial institutions, and the Department of Education; and restructures and recovers student loans issued directly by banks to students outside of federal lending programs.

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