Zacks Investment Research Lowers PRGX Global (PRGX) to Sell

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

PRGX Global (NASDAQ:PRGX) opened at $7.55 on Wednesday. The stock has a market cap of $166.84, a price-to-earnings ratio of -68.64 and a beta of 1.10. PRGX Global has a 1-year low of $5.40 and a 1-year high of $8.00. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.25.

In other PRGX Global news, Director Matthew A. Drapkin purchased 35,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was bought at an average cost of $7.30 per share, with a total value of $255,500.00. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 14.96% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Cadence Capital Management LLC acquired a new stake in PRGX Global in the 4th quarter valued at about $1,265,000. Cannell Capital LLC lifted its holdings in PRGX Global by 1,653.1% in the 3rd quarter. Cannell Capital LLC now owns 416,101 shares of the business services provider’s stock valued at $1,960,000 after acquiring an additional 392,366 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in PRGX Global by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 691,679 shares of the business services provider’s stock valued at $4,427,000 after acquiring an additional 3,993 shares during the last quarter. B. Riley Financial Inc. acquired a new stake in PRGX Global in the 4th quarter valued at about $5,036,000. Finally, Renaissance Technologies LLC lifted its holdings in PRGX Global by 2.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,650,490 shares of the business services provider’s stock valued at $9,738,000 after acquiring an additional 34,310 shares during the last quarter. 70.83% of the stock is owned by institutional investors.

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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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