PRGX Global, Inc. (NASDAQ:PRGX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, October 20th.
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 restated a “buy” rating and issued a $8.00 price target on shares of PRGX Global in a report on Tuesday, August 22nd. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. PRGX Global presently has an average rating of “Buy” and a consensus price target of $7.06.
PRGX Global (PRGX) opened at 7.70 on Friday. PRGX Global has a one year low of $4.45 and a one year high of $7.75. The company has a 50 day moving average of $7.00 and a 200-day moving average of $6.55. The firm’s market cap is $172.37 million.
PRGX Global (NASDAQ:PRGX) last posted its quarterly earnings results on Tuesday, August 1st. The business services provider reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.06. PRGX Global had a negative net margin of 0.55% and a positive return on equity of 0.30%. The firm had revenue of $38.51 million for the quarter, compared to analyst estimates of $37.06 million. On average, equities research analysts predict that PRGX Global will post $0.10 earnings per share for the current year.
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In other news, Director Matthew A. Drapkin acquired 9,191 shares of the stock in a transaction on Monday, August 21st. The stock was bought at an average price of $6.35 per share, with a total value of $58,362.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Strategic Opportunit Headlands acquired 10,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was purchased at an average cost of $6.16 per share, with a total value of $61,600.00. The disclosure for this purchase can be found here. Insiders acquired 95,510 shares of company stock valued at $598,368 in the last ninety days. 14.96% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in PRGX Global by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 691,679 shares of the business services provider’s stock valued at $4,427,000 after acquiring an additional 3,993 shares in the last quarter. Thomson Horstmann & Bryant Inc. acquired a new stake in PRGX Global in the second quarter valued at approximately $2,426,000. Renaissance Technologies LLC grew its position in PRGX Global by 1.0% in the first quarter. Renaissance Technologies LLC now owns 1,667,810 shares of the business services provider’s stock valued at $10,674,000 after acquiring an additional 17,320 shares in the last quarter. Cadence Capital Management LLC grew its position in PRGX Global by 5.8% in the second quarter. Cadence Capital Management LLC now owns 236,775 shares of the business services provider’s stock valued at $1,539,000 after acquiring an additional 12,923 shares in the last quarter. Finally, Northern Right Capital Management L.P. grew its position in PRGX Global by 13.0% in the second quarter. Northern Right Capital Management L.P. now owns 1,507,806 shares of the business services provider’s stock valued at $9,801,000 after acquiring an additional 173,222 shares in the last quarter. 70.45% of the stock is owned by institutional investors.
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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