PRGX Global Inc (NASDAQ:PRGX) Given $8.50 Average Target Price by Analysts

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PRGX Global Inc (NASDAQ:PRGX) has been given a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. Two research analysts have rated the stock with a strong buy rating.

Brokers have set a 12-month consensus price target of $8.50 for the company and are forecasting that the company will post $0.03 earnings per share for the current quarter, according to Zacks. Zacks has also given PRGX Global an industry rank of 156 out of 256 based on the ratings given to its competitors.

Several analysts have recently weighed in on the company. ValuEngine lowered PRGX Global from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Barrington Research restated a “buy” rating and issued a $13.00 price objective on shares of PRGX Global in a report on Monday, April 29th. Zacks Investment Research lowered PRGX Global from a “hold” rating to a “strong sell” rating in a report on Friday. Finally, TheStreet lowered PRGX Global from a “b” rating to a “c” rating in a report on Wednesday, May 1st.

Shares of PRGX stock opened at $5.52 on Tuesday. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 0.63. PRGX Global has a 1 year low of $5.22 and a 1 year high of $10.02. The stock’s fifty day simple moving average is $6.53.

PRGX Global (NASDAQ:PRGX) last announced its quarterly earnings results on Tuesday, July 30th. The business services provider reported ($0.18) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.13). PRGX Global had a negative return on equity of 1.83% and a net margin of 0.85%. The business had revenue of $41.97 million for the quarter, compared to analyst estimates of $44.96 million. Equities analysts expect that PRGX Global will post -0.03 EPS for the current year.

In related news, CEO Ronald E. Stewart bought 10,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were bought at an average cost of $7.70 per share, with a total value of $77,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew A. Drapkin bought 5,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were bought at an average cost of $7.48 per share, for a total transaction of $37,400.00. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 29,000 shares of company stock valued at $210,580. Insiders own 17.75% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Wedge Capital Management L L P NC raised its position in shares of PRGX Global by 18.3% during the first quarter. Wedge Capital Management L L P NC now owns 102,722 shares of the business services provider’s stock worth $814,000 after purchasing an additional 15,885 shares during the period. BlackRock Inc. raised its position in shares of PRGX Global by 0.8% during the fourth quarter. BlackRock Inc. now owns 1,694,213 shares of the business services provider’s stock worth $16,043,000 after purchasing an additional 13,111 shares during the period. Bank of America Corp DE raised its position in shares of PRGX Global by 20.2% during the fourth quarter. Bank of America Corp DE now owns 24,312 shares of the business services provider’s stock worth $230,000 after purchasing an additional 4,078 shares during the period. Bank of New York Mellon Corp raised its position in shares of PRGX Global by 14.5% during the fourth quarter. Bank of New York Mellon Corp now owns 76,465 shares of the business services provider’s stock worth $725,000 after purchasing an additional 9,704 shares during the period. Finally, Martingale Asset Management L P acquired a new stake in shares of PRGX Global during the first quarter worth $264,000. 75.35% of the stock is currently owned by institutional investors.

PRGX Global Company Profile

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.

Further Reading: Retained Earnings

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