PRA Group (NASDAQ:PRAA) Stock Price Down 7.7% – Here’s What Happened

PRA Group, Inc. (NASDAQ:PRAA)’s stock price dropped 7.7% during trading on Monday . The stock traded as low as $14.97 and last traded at $14.7830. Approximately 64,173 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 499,185 shares. The stock had previously closed at $16.01.

Wall Street Analysts Forecast Growth

PRAA has been the subject of several research reports. Wall Street Zen downgraded shares of PRA Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Weiss Ratings reiterated a “sell (d)” rating on shares of PRA Group in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PRA Group presently has a consensus rating of “Hold” and an average target price of $25.00.

PRA Group Price Performance

The stock has a market cap of $592.70 million, a price-to-earnings ratio of -2.17 and a beta of 1.14. The business’s 50 day moving average is $17.82 and its 200 day moving average is $16.46.

PRA Group (NASDAQ:PRAA) last announced its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.22. PRA Group had a negative net margin of 22.51% and a positive return on equity of 13.19%. The firm had revenue of $314.53 million during the quarter, compared to analysts’ expectations of $295.90 million. As a group, analysts forecast that PRA Group, Inc. will post 2.52 earnings per share for the current year.

Institutional Investors Weigh In On PRA Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Topline Capital Management LLC lifted its position in PRA Group by 16.2% in the third quarter. Topline Capital Management LLC now owns 2,615,711 shares of the business services provider’s stock valued at $40,387,000 after acquiring an additional 365,082 shares during the last quarter. Invenomic Capital Management LP lifted its position in PRA Group by 14.6% in the third quarter. Invenomic Capital Management LP now owns 415,481 shares of the business services provider’s stock valued at $6,415,000 after acquiring an additional 53,068 shares during the last quarter. UBS Group AG lifted its position in PRA Group by 87.2% in the fourth quarter. UBS Group AG now owns 346,436 shares of the business services provider’s stock valued at $6,128,000 after acquiring an additional 161,407 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of PRA Group by 7,735.7% in the first quarter. Fifth Third Bancorp now owns 9,011 shares of the business services provider’s stock valued at $158,000 after buying an additional 8,896 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC raised its holdings in shares of PRA Group by 12.0% in the first quarter. Counterpoint Mutual Funds LLC now owns 32,416 shares of the business services provider’s stock valued at $567,000 after buying an additional 3,479 shares during the last quarter. 97.22% of the stock is owned by hedge funds and other institutional investors.

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.