| Over a month ago | ||||
Notable call activity was… Notable call activity was cited Monday in Under Armour Class A (UAA), Sirius XM (SIRI), and Verra Mobility (VRRM). | ||||
Call spread buyer in… Call spread buyer in Verra Mobility adding to position. Shares of the road transportation services company up 27c, or 2.1%, this afternoon near $13.26 with unusually heavy call volume after a buyer paid 93c to $1 for a total of 2k July 15/20 call spreads. Looks to add to 4k already open from late November when shares were lower and a buyer paid 77.5c for 2k and 90c for 2k. Verra Mobility traded near $17 pre-covid before finding support near $6 in April. | ||||
BTIG analyst Mark Palmer… BTIG analyst Mark Palmer raised the firm's price target on Verra Mobility to $15 from $13 and keeps a Buy rating on the shares. Palmer said that while Verra's cashless tolling payment business in the U.S. continues to be "severely" challenged by depressed activity in the rental car space, he believes the stock is likely to build on its recent momentum as an effective vaccine for COVID-19 comes closer to reality. The analyst added that the potential for Verra's tolling revenues makes it the most compelling reopening story within his coverage universe. | ||||
Deutsche Bank analyst… Deutsche Bank analyst Ashish Sabadra raised the firm's price target on Verra Mobility to $13 from $12 and keeps a Buy rating on the shares. | ||||
Reports Q3 revenue… Reports Q3 revenue $96.9M, consensus $93.54M. "We are very pleased with the company's performance in the third quarter, including modest signs of improvement in Commercial Services, continued strength in Government Solutions and a return to profitability with very strong cash flow generation," said CEO David Roberts. "Despite the ongoing challenges presented to our business, we continue to see strong margins and incremental contract wins that further demonstrate the strength of our model and importance of our mission." | ||||
| Over a quarter ago | ||||
Verra Mobility announced… Verra Mobility announced that it has been awarded multi-year contracts with three New York counties to deploy CrossingGuard, an automated stop arm photo enforcement solution that enhances safety by reducing the number of vehicles that illegally pass a school bus as children enter and exit. The recently awarded contracts include Broome County, Oneida County, and Orange County. Combined, these counties account for a total of 44 school districts, approximately 135,500 students and thousands of school buses. The announcement comes as Verra Mobility continues its ongoing commitment to support school safety in the state. By the end of 2020, Verra Mobility is on track to have more than 1,000 school zone speed safety cameras installed in New York City, one of the largest safety camera programs in the country. The need for technology of this nature, including stop arm photo enforcement, is clear. In fact, the National Association of State Directors of Pupil Transportation Services estimates that throughout a 180-day school year, more than 17 million stop arm violations could be committed by reckless drivers in the United States alone. | ||||
Reports Q2 revenue… Reports Q2 revenue $79.8M, consensus $74.88M. "Verra Mobility reported a solid quarter and we are pleased with our execution given the challenging environment. During one of the most difficult quarters in our history, we still provided robust adjusted EBITDA and positive free cash flow," said CEO David Roberts. "Although the near-term business environment is uncertain, we believe our balanced product portfolio provides stability in these uncertain times, and our longer-term growth initiatives give us confidence in our future as a global leader in smart transportation." | ||||
Verra Mobility and Rent A… Verra Mobility and Rent A Car have joined forces to offer rental customers a contactless payment option on board its fleet, enabling their renters to pay toll fees automatically and safely without contact or stopping the vehicle, by using the "Liber-T" lanes of the highways. Named "Easy Peage", this innovative Electronic Toll Collection payment service avoids drivers queuing at conventional cash or credit card toll plazas. It has the advantages of saving time and fuel, while allowing drivers to adhere to social distancing guidelines. | ||||
Catch up on today's… Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. NetEase (NTES) initiated with a Buy at Goldman Sachs. 2. B&G Foods (BGS) initiated with a Neutral at DA Davidson. 3. Guardant Health (GH) initiated with a Buy at BTIG. 4. Tetra Tech (TTEK) initiated with a Buy at Berenberg. 5. Verra Mobility (VRRM) initiated with a Buy at Northcoast. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Northcoast analyst Keith… Northcoast analyst Keith Housum initiated coverage of Verra Mobility with a Buy rating and $14 price target. | ||||