PRGX Global (PRGX) Downgraded 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 report issued on Wednesday, February 14th.

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

Shares of PRGX Global (NASDAQ PRGX) opened at $7.65 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.59 and a current ratio of 1.59. PRGX Global has a 12 month low of $5.40 and a 12 month high of $8.00.

In other news, Director Matthew A. Drapkin bought 35,000 shares of the company’s stock in a transaction on Friday, December 15th. The shares were acquired at an average cost of $7.30 per share, with a total value of $255,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 14.96% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of PRGX Global by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 726,299 shares of the business services provider’s stock worth $4,721,000 after buying an additional 34,620 shares during the period. Thomson Horstmann & Bryant Inc. raised its stake in PRGX Global by 44.8% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 722,119 shares of the business services provider’s stock valued at $5,127,000 after purchasing an additional 223,379 shares during the period. Cadence Capital Management LLC raised its stake in PRGX Global by 9.2% during the 4th quarter. Cadence Capital Management LLC now owns 271,621 shares of the business services provider’s stock valued at $1,929,000 after purchasing an additional 22,783 shares during the period. Millennium Management LLC bought a new stake in PRGX Global during the 4th quarter valued at approximately $713,000. Finally, GSA Capital Partners LLP raised its stake in PRGX Global by 3.7% during the 2nd quarter. GSA Capital Partners LLP now owns 44,014 shares of the business services provider’s stock valued at $286,000 after purchasing an additional 1,584 shares during the period. 70.77% of the stock is currently owned by hedge funds and other institutional investors.

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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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