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

Shares of PRA Group, Inc. (NASDAQ:PRAA) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 traded.

The business services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.37. PRA Group had a net margin of 0.40% and a return on equity of 0.33%. The firm had revenue of $281.48 million during the quarter, compared to the consensus estimate of $262.20 million. During the same period last year, the firm posted ($0.31) EPS. The firm’s quarterly revenue was up 30.1% on a year-over-year basis.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. StockNews.com upgraded shares of PRA Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Truist Financial boosted their target price on shares of PRA Group from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday.

Institutional Trading of PRA Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Texas Permanent School Fund Corp raised its position in shares of PRA Group by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 34,176 shares of the business services provider’s stock valued at $891,000 after acquiring an additional 504 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of PRA Group by 5.0% in the second quarter. The Manufacturers Life Insurance Company now owns 14,929 shares of the business services provider’s stock worth $294,000 after acquiring an additional 712 shares in the last quarter. Sei Investments Co. raised its position in shares of PRA Group by 0.9% during the second quarter. Sei Investments Co. now owns 95,473 shares of the business services provider’s stock worth $1,877,000 after purchasing an additional 826 shares during the period. Quest Partners LLC lifted its holdings in shares of PRA Group by 14.2% during the 2nd quarter. Quest Partners LLC now owns 10,179 shares of the business services provider’s stock valued at $200,000 after purchasing an additional 1,267 shares in the last quarter. Finally, nVerses Capital LLC grew its position in shares of PRA Group by 700.0% in the 2nd quarter. nVerses Capital LLC now owns 1,600 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 1,400 shares during the period. Institutional investors own 97.22% of the company’s stock.

PRA Group Trading Up 15.9 %

The firm has a market capitalization of $939.38 million, a P/E ratio of 238.32 and a beta of 1.50. The business has a 50 day moving average of $21.34 and a 200-day moving average of $22.03.

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.