Encore Capital Group, Inc. (NASDAQ:ECPG) Sees Significant Growth in Short Interest

Encore Capital Group, Inc. (NASDAQ:ECPG) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 2,070,000 shares, an increase of 5.1% from the September 30th total of 1,970,000 shares. Currently, 9.0% of the company’s shares are short sold. Based on an average daily volume of 130,700 shares, the short-interest ratio is presently 15.8 days.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Northland Capmk raised Encore Capital Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 17th. JMP Securities reiterated a “market outperform” rating and set a $60.00 price target on shares of Encore Capital Group in a research note on Monday, October 14th. Northland Securities upgraded Encore Capital Group from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $55.00 to $58.00 in a research note on Thursday, October 17th. Finally, Truist Financial lowered their price target on shares of Encore Capital Group from $70.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Encore Capital Group presently has an average rating of “Buy” and a consensus price target of $60.67.

Encore Capital Group Price Performance

Shares of ECPG traded down $0.09 during mid-day trading on Thursday, reaching $46.32. 33,879 shares of the stock traded hands, compared to its average volume of 145,804. The firm has a fifty day moving average price of $46.98 and a 200 day moving average price of $45.42. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -5.41 and a beta of 1.55. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 3.50. Encore Capital Group has a 1 year low of $34.74 and a 1 year high of $54.55.

Encore Capital Group (NASDAQ:ECPG) last issued its quarterly earnings data on Wednesday, August 7th. The asset manager reported $1.34 EPS for the quarter, beating the consensus estimate of $1.24 by $0.10. The firm had revenue of $355.29 million during the quarter, compared to the consensus estimate of $346.06 million. Encore Capital Group had a negative net margin of 15.43% and a positive return on equity of 11.12%. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 earnings per share. As a group, equities research analysts predict that Encore Capital Group will post 5.56 earnings per share for the current year.

Institutional Investors Weigh In On Encore Capital Group

A number of institutional investors have recently made changes to their positions in the company. Stephens Investment Management Group LLC grew its holdings in shares of Encore Capital Group by 0.5% during the third quarter. Stephens Investment Management Group LLC now owns 1,137,752 shares of the asset manager’s stock valued at $53,782,000 after buying an additional 5,373 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in Encore Capital Group by 17.8% in the first quarter. Clearbridge Investments LLC now owns 394,786 shares of the asset manager’s stock worth $18,006,000 after purchasing an additional 59,624 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Encore Capital Group by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 182,117 shares of the asset manager’s stock worth $7,600,000 after purchasing an additional 1,650 shares during the last quarter. Marshall Wace LLP boosted its holdings in Encore Capital Group by 221.1% in the second quarter. Marshall Wace LLP now owns 130,127 shares of the asset manager’s stock worth $5,430,000 after purchasing an additional 89,596 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Encore Capital Group by 60.0% in the second quarter. Millennium Management LLC now owns 80,170 shares of the asset manager’s stock worth $3,345,000 after purchasing an additional 30,052 shares during the last quarter.

About Encore Capital Group

Encore Capital Group, Inc, a specialty finance company, provides debt recovery solutions and other related services for consumers across financial assets worldwide. The company purchases portfolios of defaulted consumer receivables at deep discounts to face value, as well as manages them by working with individuals as they repay their obligations and works toward financial recovery.