Hsbc Holdings PLC Buys 36,777 Shares of Verra Mobility Corp $VRRM

Key Points

• Hsbc Holdings PLC significantly increased its stake in Verra Mobility Corp by 191.8% in the first quarter, acquiring a total of 55,947 shares valued at approximately $1.26 million.
• Verra Mobility reported earnings of $0.34 per share for the last quarter, exceeding analysts' expectations of $0.33 per share, with a revenue increase of 6.1% year-over-year.
• The company's stock has received various ratings from analysts, with a current average rating of "Buy" and a consensus price target of $27.88.

Hsbc Holdings PLC grew its holdings in shares of Verra Mobility Corp (NASDAQ:VRRM - Free Report) by 191.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 55,947 shares of the company's stock after acquiring an additional 36,777 shares during the quarter. Hsbc Holdings PLC's holdings in Verra Mobility were worth $1,259,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of VRRM. Xponance Inc. raised its position in shares of Verra Mobility by 4.9% during the first quarter. Xponance Inc. now owns 12,451 shares of the company's stock worth $280,000 after purchasing an additional 586 shares during the period. Townsquare Capital LLC raised its position in shares of Verra Mobility by 5.9% during the first quarter. Townsquare Capital LLC now owns 12,110 shares of the company's stock worth $273,000 after purchasing an additional 674 shares during the period. HighTower Advisors LLC raised its position in shares of Verra Mobility by 7.9% during the first quarter. HighTower Advisors LLC now owns 12,433 shares of the company's stock worth $280,000 after purchasing an additional 911 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Verra Mobility by 18.2% during the first quarter. PNC Financial Services Group Inc. now owns 7,542 shares of the company's stock worth $170,000 after purchasing an additional 1,161 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Verra Mobility by 9.8% during the fourth quarter. Cetera Investment Advisers now owns 13,695 shares of the company's stock worth $331,000 after purchasing an additional 1,218 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VRRM. Robert W. Baird boosted 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. UBS Group decreased their price objective on Verra Mobility from $31.50 to $29.50 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen lowered Verra Mobility from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $27.88.

Verra Mobility Stock Down 1.1%

NASDAQ VRRM traded down $0.28 on Wednesday, reaching $24.48. The stock had a trading volume of 316,282 shares, compared to its average volume of 1,099,875. The business has a 50 day moving average price of $24.87 and a 200 day moving average price of $23.60. The company has a current ratio of 2.28, a quick ratio of 2.21 and a debt-to-equity ratio of 2.93. Verra Mobility Corp has a 1 year low of $19.51 and a 1 year high of $28.25. The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of 102.17, a P/E/G ratio of 2.90 and a beta of 0.80.

Verra Mobility (NASDAQ:VRRM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.01. Verra Mobility had a return on equity of 55.14% and a net margin of 4.30%.The firm had revenue of $236.03 million for the quarter, compared to the consensus estimate of $232.78 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. The business's quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts forecast that Verra Mobility Corp will post 1.08 EPS 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.