B. Riley Increases PRGX Global (NASDAQ:PRGX) Price Target to $9.00

PRGX Global (NASDAQ:PRGX) had its price objective upped by equities research analysts at B. Riley from $8.50 to $9.00 in a research note issued to investors on Wednesday, AR Network reports. The firm currently has a “buy” rating on the business services provider’s stock. B. Riley’s price objective indicates a potential upside of 56.79% from the company’s previous close. B. Riley also issued estimates for PRGX Global’s Q4 2020 earnings at $0.24 EPS, Q1 2021 earnings at ($0.05) EPS, Q2 2021 earnings at $0.07 EPS, Q3 2021 earnings at $0.10 EPS, Q4 2021 earnings at $0.24 EPS, FY2021 earnings at $0.37 EPS and FY2022 earnings at $0.40 EPS.

Several other research analysts also recently issued reports on the stock. Barrington Research reissued an “outperform” rating and set a $8.00 price objective (up from $7.00) on shares of PRGX Global in a research report on Wednesday, July 29th. TheStreet raised shares of PRGX Global from a “d+” rating to a “c-” rating in a research report on Monday, August 24th. ValuEngine downgraded shares of PRGX Global from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Zacks Investment Research downgraded shares of PRGX Global from a “hold” rating to a “sell” rating in a research report on Friday, July 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. The company currently has a consensus rating of “Hold” and a consensus price target of $7.33.

Shares of NASDAQ:PRGX opened at $5.74 on Wednesday. The company’s fifty day moving average price is $4.87 and its 200 day moving average price is $4.48. PRGX Global has a 12 month low of $1.77 and a 12 month high of $6.11. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.35 and a quick ratio of 2.35. The firm has a market capitalization of $135.54 million, a P/E ratio of -15.51, a P/E/G ratio of 2.54 and a beta of 1.26.

PRGX Global (NASDAQ:PRGX) last announced its quarterly earnings results on Tuesday, October 27th. The business services provider reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.06. PRGX Global had a negative net margin of 5.16% and a positive return on equity of 1.34%. On average, sell-side analysts anticipate that PRGX Global will post 0.13 EPS for the current year.

Large investors have recently modified their holdings of the company. Bank of Montreal Can boosted its holdings in shares of PRGX Global by 370.2% in the second quarter. Bank of Montreal Can now owns 6,047 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 4,761 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of PRGX Global in the second quarter valued at about $48,000. Parametric Portfolio Associates LLC lifted its stake in shares of PRGX Global by 107.3% in the first quarter. Parametric Portfolio Associates LLC now owns 26,474 shares of the business services provider’s stock valued at $74,000 after purchasing an additional 13,702 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of PRGX Global by 23.2% in the first quarter. JPMorgan Chase & Co. now owns 34,571 shares of the business services provider’s stock valued at $96,000 after purchasing an additional 6,516 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of PRGX Global in the second quarter valued at about $300,000. 65.26% of the stock is currently owned by institutional investors and hedge funds.

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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