PRA Group (NASDAQ:PRAA) Shares Up 4.9% Following Insider Buying Activity

Posted by Defense World Staff on Jun 8th, 2023

Shares of PRA Group, Inc. (NASDAQ:PRAA – Get Rating) traded up 4.9% during trading on Wednesday after an insider bought additional shares in the company. The company traded as high as $23.16 and last traded at $22.96. 59,731 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 359,227 shares. The stock had previously closed at $21.88.

Specifically, CEO Vikram A. Atal acquired 40,000 shares of the business’s stock in a transaction on Thursday, May 18th. The stock was purchased at an average price of $18.81 per share, for a total transaction of $752,400.00. Following the transaction, the chief executive officer now owns 20,000 shares in the company, valued at approximately $376,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Marjorie Mary Connelly acquired 7,425 shares of the stock in a transaction on Friday, June 2nd. The stock was purchased at an average price of $20.20 per share, for a total transaction of $149,985.00. Following the transaction, the director now owns 29,512 shares of the company’s stock, valued at approximately $596,142.40. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Vikram A. Atal purchased 40,000 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were bought at an average cost of $18.81 per share, for a total transaction of $752,400.00. Following the completion of the purchase, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at $376,200. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 54,925 shares of company stock valued at $1,044,210. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PRAA. JMP Securities decreased their price objective on PRA Group from $50.00 to $42.00 in a research report on Tuesday, May 9th. StockNews.com assumed coverage on PRA Group in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Truist Financial dropped their price objective on PRA Group from $50.00 to $42.00 in a report on Tuesday, May 9th. Finally, TheStreet lowered shares of PRA Group from a “b-” rating to a “c+” rating in a research note on Tuesday, May 2nd.

PRA Group Price Performance

The business has a 50 day moving average of $29.64 and a 200 day moving average of $34.67. The firm has a market capitalization of $900.13 million, a price-to-earnings ratio of 51.07 and a beta of 1.17.

PRA Group (NASDAQ:PRAA – Get Rating) last announced its quarterly earnings results on Monday, May 8th. The business services provider reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($1.95). The firm had revenue of $155.50 million during the quarter, compared to analyst estimates of $223.52 million. PRA Group had a net margin of 2.10% and a return on equity of 1.50%. The business’s revenue was down 35.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 earnings per share. As a group, equities analysts predict that PRA Group, Inc. will post -1.75 EPS for the current year.

Hedge Funds Weigh In On PRA Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PRAA. Vanguard Group Inc. raised its stake in PRA Group by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 4,654,871 shares of the business services provider’s stock worth $209,842,000 after buying an additional 53,991 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of PRA Group by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,139,639 shares of the business services provider’s stock worth $106,058,000 after purchasing an additional 312,113 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of PRA Group by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,411,442 shares of the business services provider’s stock valued at $93,948,000 after purchasing an additional 74,369 shares in the last quarter. Stephens Investment Management Group LLC grew its position in shares of PRA Group by 0.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 1,949,621 shares of the business services provider’s stock valued at $75,957,000 after purchasing an additional 15,233 shares during the period. Finally, State Street Corp increased its stake in PRA Group by 2.5% during the 1st quarter. State Street Corp now owns 1,570,424 shares of the business services provider’s stock worth $70,795,000 after purchasing an additional 38,201 shares in the last quarter.

About PRA Group

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PRA Group, Inc engages in the purchase, collection and management of portfolios of nonperforming loans. The firm purchase portfolios of nonperforming loans at a discount in two broad categories: Core and Insolvency. It also provides fee-based services on class action claims recoveries and by servicing consumer bankruptcy accounts in the United States.