PRGX Global (PRGX) Downgraded by Zacks Investment Research

PRGX Global (NASDAQ:PRGX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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 price objective on PRGX Global and gave the stock a “buy” rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. PRGX Global currently has a consensus rating of “Hold” and an average price target of $7.00.

PRGX Global (PRGX) traded down $0.20 during midday trading on Thursday, hitting $7.35. The stock had a trading volume of 5,453 shares, compared to its average volume of 20,674. 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 1 year low of $5.40 and a 1 year high of $8.00. The company has a market capitalization of $167.96, a P/E ratio of -186.25 and a beta of 1.10.

In related news, SVP Tushar K. Sachdev sold 10,000 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $7.01, for a total transaction of $70,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew A. Drapkin bought 35,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were acquired at an average price of $7.30 per share, with a total value of $255,500.00. The disclosure for this purchase can be found here. Insiders have purchased 71,942 shares of company stock valued at $522,898 in the last quarter. 14.96% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its position in shares of PRGX Global by 161.4% during the second quarter. Tower Research Capital LLC TRC now owns 18,999 shares of the business services provider’s stock worth $123,000 after purchasing an additional 11,730 shares in the last quarter. OxFORD Asset Management LLP grew its position in shares of 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 in the last quarter. GSA Capital Partners LLP grew its position in shares of 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 in the last quarter. Cadence Capital Management LLC grew its position in shares of 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 in the last quarter. Finally, Thomson Horstmann & Bryant Inc. grew its position in shares of PRGX Global by 33.6% during the third quarter. Thomson Horstmann & Bryant Inc. now owns 498,740 shares of the business services provider’s stock worth $3,491,000 after purchasing an additional 125,398 shares in the last quarter. Hedge funds and other 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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