Zacks Investment Research upgraded shares of PRGX Global, Inc. (NASDAQ:PRGX) from a hold rating to a buy rating in a research report sent to investors on Wednesday, October 18th. The brokerage currently has $7.50 price objective on the business services provider’s stock.
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 reiterated a buy rating and issued a $8.00 price target on shares of PRGX Global in a research note on Tuesday, August 22nd. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. PRGX Global presently has an average rating of Buy and an average target price of $7.06.
PRGX Global (NASDAQ:PRGX) traded down $0.20 during midday trading on Wednesday, reaching $7.20. 11,297 shares of the company’s stock were exchanged, compared to its average volume of 20,982. PRGX Global has a 52 week low of $4.45 and a 52 week high of $7.75. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.56 and a current ratio of 1.56.
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In other news, Director Matthew A. Drapkin purchased 13,947 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was acquired at an average price of $6.34 per share, for a total transaction of $88,423.98. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders acquired 65,510 shares of company stock valued at $414,168. 14.96% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PRGX. Tower Research Capital LLC TRC boosted its stake in PRGX Global by 161.4% during 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 purchasing an additional 11,730 shares during the period. OxFORD Asset Management LLP grew its stake 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 during the period. GSA Capital Partners LLP grew its stake 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 during the period. Credit Agricole S A acquired a new stake in shares of PRGX Global during the first quarter worth $296,000. Finally, Cadence Capital Management LLC lifted its holdings in PRGX Global by 5.8% during the second quarter. Cadence Capital Management LLC now owns 236,775 shares of the business services provider’s stock worth $1,539,000 after acquiring an additional 12,923 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.
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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