PRA Group (NASDAQ:PRAA) Shares Gap Up on Earnings Beat

PRA Group, Inc. (NASDAQ:PRAA)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.56, but opened at $22.20. PRA Group shares last traded at $22.52, with a volume of 79,270 shares changing hands.

The business services provider reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.37. The company had revenue of $281.48 million during the quarter, compared to the consensus estimate of $262.20 million. PRA Group had a net margin of 0.40% and a return on equity of 0.33%. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.31) EPS.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. StockNews.com upgraded PRA Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Truist Financial lowered their price target on shares of PRA Group from $42.00 to $28.00 and set a “buy” rating for the company in a research report on Tuesday, August 20th.

Insider Transactions at PRA Group

In other PRA Group news, Director Geir Olsen acquired 11,750 shares of the stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $21.39 per share, for a total transaction of $251,332.50. Following the completion of the acquisition, the director now directly owns 11,750 shares of the company’s stock, valued at approximately $251,332.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRAA. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of PRA Group in the second quarter valued at $29,000. nVerses Capital LLC raised its stake in PRA Group by 700.0% in the second quarter. nVerses Capital LLC now owns 1,600 shares of the business services provider’s stock valued at $31,000 after buying an additional 1,400 shares during the period. Innealta Capital LLC acquired a new stake in shares of PRA Group in the second quarter valued at approximately $57,000. SG Americas Securities LLC bought a new position in shares of PRA Group during the 1st quarter worth approximately $103,000. Finally, ProShare Advisors LLC acquired a new position in shares of PRA Group during the 1st quarter worth approximately $203,000. 97.22% of the stock is currently owned by institutional investors.

PRA Group Trading Up 16.0 %

The business has a 50 day moving average of $21.34 and a two-hundred day moving average of $22.03. The firm has a market cap of $940.17 million, a P/E ratio of 236.72 and a beta of 1.50.

About PRA Group

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.