Truist Financial Forecasts Strong Price Appreciation for PRA Group (NASDAQ:PRAA) Stock

PRA Group (NASDAQ:PRAA - Get Free Report) had its price target lifted by equities research analysts at Truist Financial from $28.00 to $31.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the business services provider's stock. Truist Financial's target price points to a potential upside of 30.09% from the company's previous close.

Separately, StockNews.com raised PRA Group from a "hold" rating to a "buy" rating in a research report on Wednesday, October 16th.

PRA Group Stock Performance

Shares of NASDAQ PRAA traded up $3.27 during mid-day trading on Tuesday, hitting $23.83. 1,071,761 shares of the stock traded hands, compared to its average volume of 208,324. The stock has a fifty day moving average price of $21.34 and a 200-day moving average price of $22.03. The company has a market cap of $939.38 million, a price-to-earnings ratio of 238.32 and a beta of 1.50. PRA Group has a 52 week low of $13.64 and a 52 week high of $31.43.

PRA Group (NASDAQ:PRAA - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The business services provider reported $0.69 earnings per share (EPS) for the quarter, topping 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 company had revenue of $281.48 million during the quarter, compared to analyst estimates of $262.20 million. During the same period last year, the business earned ($0.31) EPS. PRA Group's quarterly revenue was up 30.1% compared to the same quarter last year. As a group, sell-side analysts predict that PRA Group will post 1.33 EPS for the current fiscal year.

Insider Transactions at PRA Group

In other news, Director Geir Olsen purchased 11,750 shares of the company's stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $21.39 per share, for a total transaction of $251,332.50. Following the purchase, the director now directly owns 11,750 shares in the company, valued at approximately $251,332.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On PRA Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of PRA Group in the 2nd quarter worth $29,000. nVerses Capital LLC boosted its position in shares of PRA Group by 700.0% during the second quarter. nVerses Capital LLC now owns 1,600 shares of the business services provider's stock valued at $31,000 after buying an additional 1,400 shares during the last quarter. Innealta Capital LLC bought a new stake in PRA Group in the 2nd quarter worth about $57,000. SG Americas Securities LLC bought a new stake in PRA Group in the 1st quarter worth about $103,000. Finally, Quest Partners LLC raised its position in PRA Group by 14.2% in the 2nd quarter. Quest Partners LLC now owns 10,179 shares of the business services provider's stock worth $200,000 after buying an additional 1,267 shares during the last quarter. 97.22% of the stock is owned by institutional investors.

PRA Group Company Profile

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.