(RTTNews) - 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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