Encore Capital Group Bursts to New Daily Lows

Shares of Encore Capital Group (NASDAQ: ECPG) are trading lower on the session by 16.84%, at $25.93. Shares were trading as high as $30.98 earlier in the session, but have cascaded lower within the three hours of trading.

Volume is running extremely high, at 800,000 shares traded; the 10-day daily average is only 117,000 shares. Encore Capital Group is now testing the 200-day moving average.

Note that Quantum Fuel Systems Technologies Worldwide has 2.30% short interest.

Encore Capital Group, Inc. is engaged in consumer debt buying and recovery. Encore purchases portfolios of defaulted consumer receivables at deep discounts to face value and use a variety of operational channels to maximize its collections from these portfolios.