PRA Group (NASDAQ:PRAA) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• PRA Group shares rose above their 200-day moving average, reaching $20.29 and last trading at $19.95, compared with a 200-day average of $18.32.
• Analyst sentiment remains mixed: PRAA has an overall “Hold” rating and an average price target of $26.00, based on one Buy, three Hold, and one Sell rating.
• The company significantly exceeded quarterly expectations, reporting $1.51 in EPS versus a $0.52 consensus and revenue of $372.17 million versus $299.99 million expected. Institutional investors own 97.22% of the stock.

Shares of PRA Group, Inc. (NASDAQ:PRAA - Get Free Report) passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $18.32 and traded as high as $20.29. PRA Group shares last traded at $19.95, with a volume of 248,945 shares.

Wall Street Analysts Forecast Growth

PRAA has been the subject of a number of research analyst reports. Weiss Ratings raised shares of PRA Group from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th. Wall Street Zen raised PRA Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 26th. Finally, Zacks Research lowered PRA Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $26.00.

PRA Group Stock Performance

The company has a market capitalization of $751.08 million, a price-to-earnings ratio of -2.96 and a beta of 1.13. The firm has a 50-day simple moving average of $19.63 and a two-hundred day simple moving average of $18.32.

PRA Group (NASDAQ:PRAA - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The business services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.99. The business had revenue of $372.17 million for the quarter, compared to analysts' expectations of $299.99 million. PRA Group had a negative net margin of 19.91% and a positive return on equity of 15.56%. As a group, equities analysts forecast that PRA Group, Inc. will post 3.93 EPS for the current fiscal year.

Hedge Funds Weigh In On PRA Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRAA. BlackRock Inc. acquired a new position in shares of PRA Group in the second quarter worth $84,183,000. Wellington Management Group LLP raised its stake in shares of PRA Group by 10.3% in the second quarter. Wellington Management Group LLP now owns 827,720 shares of the business services provider's stock valued at $15,718,000 after acquiring an additional 77,188 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of PRA Group by 401.6% in the second quarter. Assenagon Asset Management S.A. now owns 601,444 shares of the business services provider's stock valued at $11,421,000 after acquiring an additional 481,538 shares in the last quarter. Invenomic Capital Management LP boosted its holdings in PRA Group by 2.9% in the fourth quarter. Invenomic Capital Management LP now owns 427,376 shares of the business services provider's stock valued at $7,560,000 after purchasing an additional 11,895 shares during the period. Finally, Susquehanna International Group LLP boosted its holdings in PRA Group by 288.0% in the second quarter. Susquehanna International Group LLP now owns 200,848 shares of the business services provider's stock valued at $3,814,000 after purchasing an additional 149,078 shares during the period. Hedge funds and other institutional investors own 97.22% of the company's stock.

PRA Group Company Profile

PRA Group, Inc is a global financial services company that purchases portfolios of nonperforming consumer accounts from banks, credit unions and other lenders. The company works with consumers to resolve outstanding obligations through a range of repayment and account-management arrangements.

Its business includes the acquisition, servicing and collection of unpaid consumer loans and other receivables. PRA Group also provides related portfolio-management and consulting services, using data analysis and customer-focused communication to manage accounts throughout their recovery cycle.

Founded in 1996 and headquartered in Norfolk, Virginia, PRA Group serves consumers and financial institutions across North America, Europe and Australia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.