PRA Group (NASDAQ:PRAA) Trading 4.5% Higher – Here’s What Happened

PRA Group, Inc. (NASDAQ:PRAA)’s stock price was up 4.5% during trading on Wednesday . The stock traded as high as $23.05 and last traded at $23.04. Approximately 110,379 shares changed hands during trading, a decline of 48% from the average daily volume of 213,629 shares. The stock had previously closed at $22.04.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRAA. Truist Financial upped their target price on PRA Group from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. StockNews.com upgraded PRA Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th.

PRA Group Price Performance

The stock’s 50-day moving average price is $21.43 and its 200 day moving average price is $21.61. The firm has a market capitalization of $835.06 million, a PE ratio of 19.25 and a beta of 1.49.

PRA Group (NASDAQ:PRAA) last announced its quarterly earnings data on Monday, November 4th. The business services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.37. The company had revenue of $281.48 million for the quarter, compared to analysts’ expectations of $262.20 million. PRA Group had a return on equity of 2.90% and a net margin of 4.16%. PRA Group’s revenue was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. Equities research analysts forecast that PRA Group, Inc. will post 1.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. raised its holdings in shares of PRA Group by 86.3% in the 3rd quarter. Pinnacle Associates Ltd. now owns 297,545 shares of the business services provider’s stock valued at $6,653,000 after purchasing an additional 137,799 shares in the last quarter. ClariVest Asset Management LLC bought a new position in PRA Group in the second quarter worth approximately $1,343,000. Cubist Systematic Strategies LLC purchased a new stake in PRA Group during the second quarter worth $1,142,000. Global Alpha Capital Management Ltd. lifted its holdings in PRA Group by 2.9% during the third quarter. Global Alpha Capital Management Ltd. now owns 1,817,800 shares of the business services provider’s stock worth $40,646,000 after buying an additional 51,085 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of PRA Group by 92.8% in the 3rd quarter. Jane Street Group LLC now owns 88,634 shares of the business services provider’s stock valued at $1,982,000 after acquiring an additional 42,656 shares during the period. 97.22% of the stock is currently owned by institutional investors.

PRA Group Company Profile

PRA Group, Inc, a financial and business services company, engages in the purchase, collection, and management of portfolios of nonperforming loans worldwide. It is involved in the purchase of accounts that are primarily the unpaid obligations of individuals owed to credit originators, which include banks and other types of consumer, retail, and auto finance companies.