Verra Mobility (NASDAQ:VRRM) Stock Price Up 5.4% Following Strong Earnings

Verra Mobility Corp (NASDAQ:VRRM) shares rose 5.4% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $13.73 and last traded at $13.69, approximately 1,384,191 shares changed hands during mid-day trading. An increase of 68% from the average daily volume of 823,219 shares. The stock had previously closed at $12.99.

The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. The company had revenue of $109.58 million for the quarter, compared to analysts’ expectations of $103.25 million.

Several brokerages have weighed in on VRRM. William Blair began coverage on Verra Mobility in a research note on Wednesday, April 24th. They set an “outperform” rating and a $13.08 price objective on the stock. Robert W. Baird initiated coverage on Verra Mobility in a research report on Thursday, June 27th. They set an “outperform” rating and a $17.00 price target on the stock. Zacks Investment Research upgraded Verra Mobility from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th. ValuEngine raised shares of Verra Mobility from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. Finally, Goldman Sachs Group began coverage on shares of Verra Mobility in a research note on Tuesday, July 30th. They issued a “neutral” rating and a $15.00 target price on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $14.92.

In other news, Director Platinum Equity Llc sold 2,250,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $12.13, for a total value of $27,292,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Verra Mobility in the second quarter valued at approximately $60,000. Marshall Wace North America L.P. acquired a new position in Verra Mobility during the 1st quarter worth $90,000. GSA Capital Partners LLP acquired a new position in shares of Verra Mobility in the 2nd quarter valued at about $170,000. Strs Ohio acquired a new position in shares of Verra Mobility in the 2nd quarter valued at about $344,000. Finally, Keybank National Association OH bought a new stake in Verra Mobility in the 2nd quarter valued at about $393,000. Institutional investors own 44.05% of the company’s stock.

The company has a market cap of $2.12 billion, a P/E ratio of -20.43 and a beta of 0.40. The company has a 50-day moving average price of $13.41. The company has a debt-to-equity ratio of 2.82, a current ratio of 2.44 and a quick ratio of 2.44.

About Verra Mobility (NASDAQ:VRRM)

Verra Mobility Corporation provides smart mobility technology solutions and services in the United States, Canada, and Europe. It operates through two segments, Government Solutions and Commercial Services. The Government Solutions segment offers automated safety solutions, including services and technologies that enable photo enforcement through road safety camera programs related to red light, speed, school bus, and city bus lanes.

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