Fintel reports that Prescott Group Capital Management, L.l.c. has filed a 13D/A form with the SEC disclosing ownership of 15.76MM shares of Performant Financial Corp (PFMT). This represents 20.9% of the company.

In their previous filing dated January 25, 2022 they reported 15.07MM shares and 21.80% of the company, an increase in shares of 4.59% and a decrease in total ownership of 0.90% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 179.20% Upside

As of March 20, 2023, the average one-year price target for Performant Financial is $7.65. The forecasts range from a low of $7.07 to a high of $8.40. The average price target represents an increase of 179.20% from its latest reported closing price of $2.74.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Performant Financial is $124MM, an increase of 13.29%. The projected annual non-GAAP EPS is -$0.07.

What is the Fund Sentiment?

There are 94 funds or institutions reporting positions in Performant Financial. This is an increase of 11 owner(s) or 13.25% in the last quarter. Average portfolio weight of all funds dedicated to PFMT is 0.19%, a decrease of 10.92%. Total shares owned by institutions increased in the last three months by 7.77% to 50,611K shares. The put/call ratio of PFMT is 0.39, indicating a bullish outlook.

What are Large Shareholders Doing?

First Light Asset Management holds 7,387K shares representing 9.78% ownership of the company. In it’s prior filing, the firm reported owning 5,020K shares, representing an increase of 32.04%. The firm increased its portfolio allocation in PFMT by 163.37% over the last quarter.

Mill Road Capital Management holds 3,262K shares representing 4.32% ownership of the company. No change in the last quarter.

Cooper Creek Partners Management holds 2,639K shares representing 3.50% ownership of the company. In it’s prior filing, the firm reported owning 2,601K shares, representing an increase of 1.47%. The firm increased its portfolio allocation in PFMT by 56.85% over the last quarter.

Driehaus Capital Management holds 2,448K shares representing 3.24% ownership of the company. In it’s prior filing, the firm reported owning 2,915K shares, representing a decrease of 19.11%. The firm increased its portfolio allocation in PFMT by 61.32% over the last quarter.

Punch & Associates Investment Management holds 2,364K shares representing 3.13% ownership of the company. In it’s prior filing, the firm reported owning 2,434K shares, representing a decrease of 2.97%. The firm increased its portfolio allocation in PFMT by 75.77% over the last quarter.

Performant Financial Background Information
(This description is provided by the company.)

Performant helps government and commercial organizations enhance revenue and contain costs by preventing, identifying and recovering waste, improper payments and defaulted assets. Performant is a leading provider of these services in several industries, including healthcare, student loans and government. Performant has been providing recovery audit services for more than nine years to both commercial and government clients, including serving as a Recovery Auditor for the Centers for Medicare and Medicaid Services.

This article originally appeared on Fintel

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