PRGX Global (PRGX) Lowered to Sell at Zacks Investment Research

PRGX Global (NASDAQ:PRGX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

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 set a $8.00 target price on shares of PRGX Global and gave the company a “buy” rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. PRGX Global has an average rating of “Hold” and an average target price of $7.00.

Shares of PRGX Global (PRGX) opened at $7.55 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.59 and a quick ratio of 1.59. PRGX Global has a one year low of $5.40 and a one year high of $8.00. The firm has a market cap of $166.84, a PE ratio of -68.64 and a beta of 1.10.

In related news, Director Matthew A. Drapkin bought 35,000 shares of PRGX Global stock in a transaction that occurred on Friday, December 15th. The stock was acquired at an average price of $7.30 per share, for a total transaction of $255,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 14.96% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thomson Horstmann & Bryant Inc. lifted its stake in shares of PRGX Global by 44.8% in the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 722,119 shares of the business services provider’s stock valued at $5,127,000 after buying an additional 223,379 shares during the period. Dimensional Fund Advisors LP lifted its stake in PRGX Global by 5.0% during the second quarter. Dimensional Fund Advisors LP now owns 726,299 shares of the business services provider’s stock worth $4,721,000 after purchasing an additional 34,620 shares during the period. Cadence Capital Management LLC lifted its stake in PRGX Global by 5.1% during the third quarter. Cadence Capital Management LLC now owns 248,838 shares of the business services provider’s stock worth $1,742,000 after purchasing an additional 12,063 shares during the period. OxFORD Asset Management LLP lifted its stake in PRGX Global by 74.7% during the second quarter. OxFORD Asset Management LLP now owns 18,858 shares of the business services provider’s stock worth $123,000 after purchasing an additional 8,063 shares during the period. Finally, GSA Capital Partners LLP lifted its stake in PRGX Global by 3.7% during the second quarter. GSA Capital Partners LLP now owns 44,014 shares of the business services provider’s stock worth $286,000 after purchasing an additional 1,584 shares during the period. Institutional investors and hedge funds own 70.83% of the company’s stock.

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About PRGX Global

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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