PRGX Global Inc (NASDAQ:PRGX) Short Interest Up 23.4% in September

PRGX Global Inc (NASDAQ:PRGX) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 355,500 shares, an increase of 23.4% from the August 30th total of 288,000 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average daily volume of 44,900 shares, the short-interest ratio is presently 7.9 days.

Several equities research analysts have recently issued reports on PRGX shares. ValuEngine upgraded shares of PRGX Global from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Zacks Investment Research upgraded shares of PRGX Global from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. PRGX Global presently has an average rating of “Buy” and an average target price of $12.00.

In related news, Director Joseph E. Whitters purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of $5.97 per share, for a total transaction of $29,850.00. Following the purchase, the director now directly owns 130,653 shares in the company, valued at approximately $779,998.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ronald E. Stewart purchased 10,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were bought at an average price of $5.01 per share, with a total value of $50,100.00. The disclosure for this purchase can be found here. Company insiders own 17.75% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in PRGX. Dimensional Fund Advisors LP grew its stake in PRGX Global by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 823,978 shares of the business services provider’s stock valued at $7,803,000 after buying an additional 22,375 shares in the last quarter. Teton Advisors Inc. grew its stake in PRGX Global by 2.5% in the 2nd quarter. Teton Advisors Inc. now owns 164,019 shares of the business services provider’s stock valued at $1,102,000 after buying an additional 4,000 shares in the last quarter. Wells Fargo & Company MN grew its stake in PRGX Global by 44.4% in the 2nd quarter. Wells Fargo & Company MN now owns 81,153 shares of the business services provider’s stock valued at $545,000 after buying an additional 24,946 shares in the last quarter. Northern Trust Corp grew its stake in PRGX Global by 1.3% in the 2nd quarter. Northern Trust Corp now owns 245,693 shares of the business services provider’s stock valued at $1,651,000 after buying an additional 3,138 shares in the last quarter. Finally, Parametric Portfolio Associates LLC purchased a new position in PRGX Global in the 2nd quarter valued at approximately $96,000. Institutional investors and hedge funds own 73.77% of the company’s stock.

PRGX Global stock traded up $0.05 during mid-day trading on Friday, reaching $5.57. The company’s stock had a trading volume of 29,263 shares, compared to its average volume of 41,876. PRGX Global has a 12-month low of $4.51 and a 12-month high of $9.68. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.69. The firm’s fifty day moving average price is $5.35 and its two-hundred day moving average price is $6.48.

PRGX Global (NASDAQ:PRGX) last released its quarterly earnings data on Tuesday, July 30th. The business services provider reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.13). PRGX Global had a net margin of 0.85% and a negative return on equity of 1.86%. The business had revenue of $41.97 million during the quarter, compared to analysts’ expectations of $44.96 million. On average, analysts predict that PRGX Global will post -0.03 earnings per share for the current year.

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.

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