Debt collector PRA tumbles to 13-year low after surprise loss

PRA

09/05/2023 16:03

** PRA Group  PRAA.O  shares down 41.84% at $20.00 after falling
to $18.72, lowest intraday levels since Apr 2010
    ** The debt collection company reported a Q1 loss of $1.50
per share on revenue of $155.47 mln, well short of expectations
calling for a gain of 48 cents per share and revenue of $227.63
mln, per Refinitiv data 
    ** PRA shares on track for biggest one-day percentage
decline since debut in November 2002; trading volume of 949,203
is approaching 6x 10-day avg of 166,382
    ** Truist Securities on Tuesday cut its price target on the
stock to $42 from $50 but maintained "buy" rating
    ** Among the 5 analysts that cover PRAA, the breakdown of
recommendations are 3 "strong buy" or "buy," 2 "hold" ratings;
median price target of $42 is down from $50 a month ago -
Refinitiv
    ** With move on the session, shares down ~41% YTD vs ~23%
drop in S&P small cap financials  .SPSMCF  sector 

 (Reporting by Chuck Mikolajczak)
 ((charles.mikolajczak@tr.com; @ChuckMik;))