PRGX Global, Inc. (NASDAQ:PRGX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “PRGX Global, Inc., formerly PRG-Schultz International, Inc., provides audit, analytics, and advisory services in order to improve client financial performance. The Company’s recovery audit services comprise taking client transaction data, transforming it for analysis, identification of errors, and working with vendors or providers to recover overpaid cash. It audits merchandise purchases, accounts payable, lease and property payments, telecom, freight, marketing and media expenses, taxes, import duties, and healthcare claims. The Company’s analytics services include fraud detection and prevention services, such as detecting, deterring, and preventing fraud; custom analytics services, including discovering the value of unstructured data; benchmarking services; and spend analytic services. Its advisory services consist of working capital optimization, enterprise cost reduction, finance transformation, and corporate performance management. The Company is headquartered in Atlanta, Georgia. “
Separately, B. Riley reaffirmed a “buy” rating and set a $8.00 target price on shares of PRGX Global in a research note on Tuesday, August 22nd. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $7.06.
Shares of PRGX Global (NASDAQ:PRGX) opened at 7.70 on Thursday. PRGX Global has a one year low of $4.45 and a one year high of $7.75. The company’s market cap is $172.37 million. The company’s 50-day moving average is $6.98 and its 200-day moving average is $6.54.
PRGX Global (NASDAQ:PRGX) last announced its earnings results on Tuesday, August 1st. The business services provider reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.06. The company had revenue of $38.51 million during the quarter, compared to analyst estimates of $37.06 million. PRGX Global had a negative net margin of 0.55% and a positive return on equity of 0.30%. On average, equities analysts predict that PRGX Global will post $0.10 EPS for the current year.
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In other PRGX Global news, major shareholder Strategic Opportunit Headlands purchased 10,000 shares of PRGX Global stock in a transaction dated Thursday, August 3rd. The shares were acquired at an average price of $6.16 per share, with a total value of $61,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew A. Drapkin purchased 37,370 shares of PRGX Global stock in a transaction dated Wednesday, August 23rd. The shares were acquired at an average cost of $6.35 per share, for a total transaction of $237,299.50. The disclosure for this purchase can be found here. Insiders have bought 95,510 shares of company stock worth $598,368 in the last three months. Corporate insiders own 14.96% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in shares of PRGX Global by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 691,679 shares of the business services provider’s stock worth $4,427,000 after purchasing an additional 3,993 shares in the last quarter. Thomson Horstmann & Bryant Inc. acquired a new stake in shares of PRGX Global during the second quarter worth about $2,426,000. Renaissance Technologies LLC lifted its position in shares of PRGX Global by 1.0% during the first quarter. Renaissance Technologies LLC now owns 1,667,810 shares of the business services provider’s stock worth $10,674,000 after purchasing an additional 17,320 shares in the last quarter. Cadence Capital Management LLC lifted its position in shares of PRGX Global by 5.8% during the second quarter. Cadence Capital Management LLC now owns 236,775 shares of the business services provider’s stock worth $1,539,000 after purchasing an additional 12,923 shares in the last quarter. Finally, Northern Right Capital Management L.P. lifted its position in shares of PRGX Global by 13.0% during the second quarter. Northern Right Capital Management L.P. now owns 1,507,806 shares of the business services provider’s stock worth $9,801,000 after purchasing an additional 173,222 shares in the last quarter. 70.45% of the stock is currently owned by institutional investors and hedge funds.
PRGX Global Company Profile
PRGX Global, Inc (PRGX), together with its subsidiaries, provides recovery audit and spend analytics services. The Company provides recovery audit, procure-to-pay performance improvement, spend analytics and risk management services principally to large businesses and government agencies. The Company operates through three segments: Recovery Audit Services-Americas, Recovery Audit Services-Europe/Asia-Pacific and Adjacent Services.
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