Shares of Verra Mobility Corporation plunged about 71 percent in Wednesday morning trading, likely due to yesterday's announcement regarding a contract termination notice from Avis Budget Group and the company's revised outlook for full-year 2026.
The company's stock is currently trading at $3.7550, down 71.29 percent or $9.33, over the previous close of $13.08 on the Nasdaq. It has traded between $3.400 and $25.830 in the past one year.
Following the receipt of the notice, the company plans to reduce costs and re-allocate certain resources associated with the customer to other customers. Meanwhile, it now projects revenue of $985 million to $995 million, and adjusted earnings of $1.19 to $1.25 per share for the period.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.