PRGX Global (NASDAQ: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 note issued to investors on Friday, Zacks.com reports.

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. “

Several other equities analysts also recently weighed in on PRGX. Barrington Research reiterated an “outperform” rating and issued a $8.00 price target (up previously from $7.00) on shares of PRGX Global in a report on Wednesday. B. Riley increased their price target on shares of PRGX Global from $7.25 to $8.50 in a report on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. PRGX Global has an average rating of “Hold” and an average target price of $6.83.

Shares of PRGX traded up $0.04 during mid-day trading on Friday, hitting $5.40. 41,229 shares of the company traded hands, compared to its average volume of 52,390. PRGX Global has a 1-year low of $1.77 and a 1-year high of $6.40. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $127.40 million, a PE ratio of 135.00, a price-to-earnings-growth ratio of 2.57 and a beta of 1.22. The business has a 50 day moving average of $4.36 and a 200 day moving average of $3.81.

PRGX Global (NASDAQ:PRGX) last issued its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. PRGX Global had a negative net margin of 5.16% and a positive return on equity of 1.33%. The company had revenue of $39.01 million for the quarter, compared to the consensus estimate of $37.15 million. As a group, research analysts expect that PRGX Global will post 0.13 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. North Run Capital LP purchased a new stake in PRGX Global in the 1st quarter worth approximately $1,848,000. Trellus Management Company LLC boosted its position in PRGX Global by 60.0% in the 1st quarter. Trellus Management Company LLC now owns 299,438 shares of the business services provider’s stock worth $838,000 after purchasing an additional 112,239 shares in the last quarter. Geode Capital Management LLC boosted its position in PRGX Global by 6.8% in the 1st quarter. Geode Capital Management LLC now owns 280,315 shares of the business services provider’s stock worth $784,000 after purchasing an additional 17,958 shares in the last quarter. Wells Fargo & Company MN boosted its position in PRGX Global by 23.0% in the 1st quarter. Wells Fargo & Company MN now owns 86,660 shares of the business services provider’s stock worth $243,000 after purchasing an additional 16,212 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in PRGX Global by 23.2% in the 1st quarter. JPMorgan Chase & Co. now owns 34,571 shares of the business services provider’s stock worth $96,000 after purchasing an additional 6,516 shares in the last quarter. Institutional investors and hedge funds own 69.70% of the company’s stock.

About PRGX Global

PRGX Global, Inc, together with its subsidiaries, provides recovery audit services to businesses and government agencies having payment transactions and procurement environments worldwide. Its recovery audit services are based on the mining of clients' purchasing-related data for overpayments to the third-party suppliers.

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