Short Interest in PRGX Global Inc (NASDAQ:PRGX) Rises By 16.5%

PRGX Global Inc (NASDAQ:PRGX) was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 293,000 shares, a growth of 16.5% from the January 15th total of 251,500 shares. Approximately 1.3% of the company’s shares are short sold. Based on an average daily volume of 41,500 shares, the days-to-cover ratio is currently 7.1 days.

Shares of PRGX traded down $0.07 during trading hours on Friday, hitting $4.22. The stock had a trading volume of 41,599 shares, compared to its average volume of 59,574. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.16 and a current ratio of 2.16. The firm has a market cap of $91.05 million, a P/E ratio of -60.28, a P/E/G ratio of 1.18 and a beta of 0.62. The company’s fifty day simple moving average is $4.32 and its 200 day simple moving average is $4.90. PRGX Global has a 12-month low of $3.78 and a 12-month high of $9.68.

Several brokerages recently weighed in on PRGX. Zacks Investment Research raised PRGX Global from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 1st. Barrington Research reaffirmed a “buy” rating and issued a $7.00 target price on shares of PRGX Global in a research report on Thursday. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $9.50.

Several institutional investors and hedge funds have recently modified their holdings of PRGX. Trellus Management Company LLC purchased a new position in shares of PRGX Global in the 3rd quarter worth $796,000. Parametric Portfolio Associates LLC purchased a new position in PRGX Global in the second quarter valued at about $96,000. Zebra Capital Management LLC purchased a new position in PRGX Global in the third quarter valued at about $71,000. State Street Corp raised its position in PRGX Global by 4.0% in the fourth quarter. State Street Corp now owns 333,961 shares of the business services provider’s stock valued at $1,643,000 after purchasing an additional 12,954 shares during the period. Finally, UBS Group AG raised its position in PRGX Global by 58.9% in the fourth quarter. UBS Group AG now owns 28,137 shares of the business services provider’s stock valued at $138,000 after purchasing an additional 10,431 shares during the period. 73.43% 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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