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

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wall Street Zen lowered PRA Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Weiss Ratings reissued a “sell (d)” rating on shares of PRA Group in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $25.00.

PRA Group Price Performance

The firm’s 50 day moving average is $17.90 and its 200 day moving average is $16.47. The company has a market capitalization of $567.29 million, a PE ratio of -2.08 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, topping the consensus estimate 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 company had revenue of $314.53 million for the quarter, compared to the consensus estimate of $295.90 million. As a group, analysts predict that PRA Group, Inc. will post 2.52 EPS for the current fiscal year.

Institutional Trading of PRA Group

A number of hedge funds have recently modified their holdings of the business. Topline Capital Management LLC boosted its holdings in shares of PRA Group by 16.2% during the 3rd quarter. Topline Capital Management LLC now owns 2,615,711 shares of the business services provider’s stock valued at $40,387,000 after buying an additional 365,082 shares in the last quarter. State Street Corp grew its stake in shares of PRA Group by 0.3% in the fourth quarter. State Street Corp now owns 1,499,488 shares of the business services provider’s stock worth $26,526,000 after acquiring an additional 4,895 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of PRA Group by 13.7% in the fourth quarter. Wellington Management Group LLP now owns 1,296,830 shares of the business services provider’s stock worth $22,941,000 after acquiring an additional 156,520 shares during the last quarter. Invesco Ltd. grew its stake in shares of PRA Group by 15.5% in the second quarter. Invesco Ltd. now owns 819,742 shares of the business services provider’s stock worth $12,091,000 after acquiring an additional 109,857 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of PRA Group by 14.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 752,064 shares of the business services provider’s stock worth $13,304,000 after acquiring an additional 95,179 shares during the last quarter. Institutional investors own 97.22% of the company’s stock.

About PRA Group

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.