PRA Group (NASDAQ:PRAA) Trading 6.7% Higher – Here’s Why

PRA Group, Inc. (NASDAQ:PRAA)’s share price traded up 6.7% on Tuesday . The stock traded as high as $16.34 and last traded at $16.9150. 37,446 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 571,765 shares. The stock had previously closed at $15.86.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRAA. Weiss Ratings restated a “sell (d)” rating on shares of PRA Group in a research note on Friday, March 27th. Wall Street Zen lowered PRA Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 7th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $25.00.

PRA Group Stock Up 10.1%

The firm’s 50 day moving average is $17.34 and its two-hundred day moving average is $16.42. The stock has a market cap of $666.00 million, a price-to-earnings ratio of -2.43 and a beta of 1.15.

PRA Group (NASDAQ:PRAA) last issued its earnings results on Thursday, May 7th. The business services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.22. The company had revenue of $314.53 million during the quarter, compared to the consensus estimate of $295.90 million. PRA Group had a positive return on equity of 13.19% and a negative net margin of 22.51%. On average, analysts anticipate that PRA Group, Inc. will post 2.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its stake in PRA Group by 16.3% during the 1st quarter. Bank of America Corp DE now owns 111,155 shares of the business services provider’s stock worth $1,945,000 after buying an additional 15,538 shares during the last quarter. Amundi acquired a new stake in PRA Group in the first quarter worth $298,000. EverSource Wealth Advisors LLC lifted its stake in PRA Group by 49.6% in the first quarter. EverSource Wealth Advisors LLC now owns 3,711 shares of the business services provider’s stock valued at $65,000 after buying an additional 1,230 shares during the last quarter. Empowered Funds LLC bought a new stake in PRA Group in the first quarter valued at $366,000. Finally, Public Employees Retirement System of Ohio lifted its stake in PRA Group by 19.3% in the first quarter. Public Employees Retirement System of Ohio now owns 49,384 shares of the business services provider’s stock valued at $864,000 after buying an additional 7,994 shares during the last quarter. Institutional investors and hedge funds own 97.22% of the company’s stock.

PRA Group Company Profile

PRA Group, Inc is a global specialty finance company focused on the acquisition and management of nonperforming loans. Founded in 1996 as Portfolio Recovery Associates, the company purchases defaulted consumer and commercial receivables at discounted rates from financial institutions, utilities and other creditors. By combining rigorous analytics with a consumer-centric ethos, PRA Group seeks to maximize recoveries while maintaining respectful and compliant interactions with debtors.

The company’s core activities include first-party and third-party collections across a range of asset classes such as credit cards, auto loans and utility receivables.