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 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 set a $8.00 target price on PRGX Global and gave the stock a “buy” rating in a report on Tuesday, October 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. PRGX Global has a consensus rating of “Hold” and a consensus target price of $7.00.

PRGX Global (NASDAQ:PRGX) traded down $0.10 during mid-day trading on Thursday, reaching $7.45. The company’s stock had a trading volume of 2,997 shares, compared to its average volume of 20,670. The company has a market cap of $167.96, a PE ratio of -186.25 and a beta of 1.10. 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 52-week low of $5.40 and a 52-week high of $8.00.

In other news, SVP Tushar K. Sachdev sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $7.01, for a total value of $70,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew A. Drapkin acquired 11,900 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The stock was bought at an average price of $7.34 per share, with a total value of $87,346.00. Following the acquisition, the director now directly owns 133,153 shares in the company, valued at $977,343.02. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 71,942 shares of company stock valued at $522,898. Corporate insiders own 14.96% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. OxFORD Asset Management LLP grew its holdings in shares of PRGX Global by 74.7% in the 2nd quarter. OxFORD Asset Management LLP now owns 18,858 shares of the business services provider’s stock valued at $123,000 after acquiring an additional 8,063 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of PRGX Global by 161.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 18,999 shares of the business services provider’s stock valued at $123,000 after acquiring an additional 11,730 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of PRGX Global by 3.7% in the 2nd quarter. GSA Capital Partners LLP now owns 44,014 shares of the business services provider’s stock valued at $286,000 after acquiring an additional 1,584 shares in the last quarter. Cadence Capital Management LLC grew its holdings in shares of PRGX Global by 5.1% in the 3rd quarter. Cadence Capital Management LLC now owns 248,838 shares of the business services provider’s stock valued at $1,742,000 after acquiring an additional 12,063 shares in the last quarter. Finally, Thomson Horstmann & Bryant Inc. grew its holdings in shares of PRGX Global by 33.6% in the 3rd quarter. Thomson Horstmann & Bryant Inc. now owns 498,740 shares of the business services provider’s stock valued at $3,491,000 after acquiring an additional 125,398 shares in the last quarter. Institutional investors own 71.05% of the company’s stock.

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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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