Verra Mobility Corp $VRRM Position Cut by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC has reduced its holdings in Verra Mobility Corp (NASDAQ: VRRM) by 10.4% in the second quarter, now owning 1,383,278 shares valued at $35.1 million.
• Several institutional investors, including Farther Finance Advisors LLC and Avanza Fonder AB, significantly increased their stakes in Verra Mobility, with some raising their positions by over 275%.
• Wall Street analysts have varying ratings on the stock, with an average target price now set at $27.88 and a consensus rating of "Moderate Buy."

DAVENPORT & Co LLC reduced its holdings in Verra Mobility Corp (NASDAQ:VRRM - Free Report) by 10.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,383,278 shares of the company's stock after selling 160,116 shares during the quarter. DAVENPORT & Co LLC owned 0.87% of Verra Mobility worth $35,135,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC raised its stake in shares of Verra Mobility by 46.6% during the second quarter. Farther Finance Advisors LLC now owns 1,447 shares of the company's stock valued at $37,000 after purchasing an additional 460 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Verra Mobility by 13,638.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,786 shares of the company's stock worth $40,000 after buying an additional 1,773 shares in the last quarter. Quarry LP lifted its stake in shares of Verra Mobility by 361.8% in the 1st quarter. Quarry LP now owns 4,055 shares of the company's stock worth $91,000 after acquiring an additional 3,177 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Verra Mobility by 11.6% in the second quarter. GAMMA Investing LLC now owns 4,128 shares of the company's stock valued at $105,000 after acquiring an additional 430 shares in the last quarter. Finally, Avanza Fonder AB increased its stake in shares of Verra Mobility by 275.6% during the second quarter. Avanza Fonder AB now owns 5,994 shares of the company's stock valued at $152,000 after acquiring an additional 4,398 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on VRRM shares. Robert W. Baird upped their target price on Verra Mobility from $28.00 to $30.00 and gave the stock an "outperform" rating in a research report on Thursday, August 21st. Weiss Ratings reissued a "hold (c-)" rating on shares of Verra Mobility in a research note on Saturday, September 27th. Finally, Wall Street Zen cut Verra Mobility from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.88.

Verra Mobility Price Performance

Shares of NASDAQ:VRRM opened at $23.77 on Monday. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 99.05, a P/E/G ratio of 2.78 and a beta of 0.77. Verra Mobility Corp has a 1 year low of $19.51 and a 1 year high of $27.83. The company has a current ratio of 2.28, a quick ratio of 2.21 and a debt-to-equity ratio of 2.93. The business has a fifty day simple moving average of $24.59 and a 200 day simple moving average of $23.84.

Verra Mobility (NASDAQ:VRRM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The company had revenue of $236.03 million for the quarter, compared to analyst estimates of $232.78 million. Verra Mobility had a net margin of 4.30% and a return on equity of 55.14%. Verra Mobility's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 EPS. As a group, sell-side analysts predict that Verra Mobility Corp will post 1.08 earnings per share for the current fiscal year.

About Verra Mobility

Verra Mobility Corporation provides smart mobility technology solutions and services in the United States, Australia, Canada, and Europe. It operates through three segments: Commercial Services, Government Solutions, and Parking Solutions. The Commercial Services segment provides automated toll and violations management, and title and registration services to rental car companies, fleet management companies, and other large fleet owners.

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