PRGX Global, Inc. (PRGX) Rating Lowered to Hold at Zacks Investment Research
PRGX Global, Inc. (NASDAQ:PRGX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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 reissued a “buy” rating and issued a $8.00 price target on shares of PRGX Global in a report on Tuesday, August 22nd. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $6.88.
PRGX Global (NASDAQ:PRGX) remained flat at $7.30 during midday trading on Friday. The stock had a trading volume of 12,002 shares. PRGX Global has a 52 week low of $4.25 and a 52 week high of $7.40. The company’s 50-day moving average is $6.94 and its 200-day moving average is $6.51. The stock’s market capitalization is $163.42 million.
PRGX Global (NASDAQ:PRGX) last issued its quarterly earnings results on Tuesday, August 1st. The business services provider reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $37.06 million. Equities research analysts expect that PRGX Global will post $0.10 earnings per share for the current fiscal year.
In other news, major shareholder Strategic Opportunit Headlands bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was acquired at an average price of $6.16 per share, for a total transaction of $61,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Matthew A. Drapkin bought 37,370 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were purchased at an average price of $6.35 per share, with a total value of $237,299.50. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 95,510 shares of company stock valued at $598,368. Corporate insiders own 14.96% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of PRGX Global by 0.6% during the 1st 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 PRGX Global in the 2nd quarter valued at about $2,426,000. Renaissance Technologies LLC increased its position in PRGX Global by 1.0% in the 1st 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 increased its position in PRGX Global by 5.8% in the 2nd 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. increased its position in PRGX Global by 13.0% in the 2nd 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. Institutional investors and hedge funds own 70.76% of the company’s stock.
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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