Performant Financial Co. (NASDAQ:PFMT) Shares Sold by Driehaus Capital Management LLC

Driehaus Capital Management LLC reduced its position in shares of Performant Financial Co. (NASDAQ:PFMT - Free Report) by 88.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 169,186 shares of the business services provider's stock after selling 1,240,734 shares during the quarter. Driehaus Capital Management LLC owned about 0.22% of Performant Financial worth $491,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its position in Performant Financial by 170.0% during the 1st quarter. BNP Paribas Financial Markets now owns 50,358 shares of the business services provider's stock valued at $148,000 after acquiring an additional 31,710 shares in the last quarter. Rhumbline Advisers boosted its position in Performant Financial by 32.1% during the 2nd quarter. Rhumbline Advisers now owns 84,953 shares of the business services provider's stock valued at $246,000 after acquiring an additional 20,637 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Performant Financial by 18.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 200,208 shares of the business services provider's stock valued at $581,000 after acquiring an additional 31,075 shares in the last quarter. Kent Lake Capital LLC bought a new stake in Performant Financial during the 1st quarter valued at $588,000. Finally, Greenwood Capital Associates LLC boosted its position in Performant Financial by 40.6% during the 4th quarter. Greenwood Capital Associates LLC now owns 244,697 shares of the business services provider's stock valued at $765,000 after acquiring an additional 70,682 shares in the last quarter. 77.15% of the stock is currently owned by hedge funds and other institutional investors.

Performant Financial Stock Down 4.5 %

Shares of Performant Financial stock traded down $0.17 during trading on Tuesday, reaching $3.57. The company's stock had a trading volume of 53,956 shares, compared to its average volume of 185,666. 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 company has a market cap of $275.57 million, a price-to-earnings ratio of -41.55 and a beta of 0.13. Performant Financial Co. has a 1-year low of $2.00 and a 1-year high of $4.04. The company has a 50-day simple moving average of $3.62 and a two-hundred day simple moving average of $3.12.

Performant Financial (NASDAQ:PFMT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. The firm had revenue of $29.36 million during the quarter, compared to analysts' expectations of $28.20 million. Performant Financial had a negative return on equity of 8.11% and a negative net margin of 5.32%. During the same quarter last year, the firm earned ($0.05) EPS. As a group, equities analysts forecast that Performant Financial Co. will post -0.11 earnings per share for the current year.

Analyst Ratings Changes

Separately, B. Riley initiated coverage on Performant Financial in a research report on Thursday, July 25th. They set a "buy" rating and a $8.00 target price on the stock.

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.