Canaccord Genuity Group Forecasts Strong Price Appreciation for Privia Health Group (NASDAQ:PRVA) Stock

Key Points

• Canaccord Genuity raised its price target on Privia Health to $33 from $32 and reiterated a “buy” rating, implying 36.16% upside from the prior close.
• Analyst sentiment is broadly positive: 11 analysts rate the stock “Buy” and three “Hold,” for a consensus “Moderate Buy” rating and a $31.23 average price target. Piper Sandler separately raised its target to $38.
• Privia beat quarterly estimates, reporting EPS of $0.21 versus $0.09 expected and revenue of $656.96 million versus $610.72 million expected; revenue grew 13.2% year over year, although EPS was down from $0.29 a year earlier.

Privia Health Group (NASDAQ:PRVA - Get Free Report) had its price target boosted by stock analysts at Canaccord Genuity Group from $32.00 to $33.00 in a research note issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 36.16% from the stock's previous close.

Several other equities research analysts also recently issued reports on PRVA. Citigroup reaffirmed a "buy" rating on shares of Privia Health Group in a report on Thursday, July 23rd. Zacks Research raised shares of Privia Health Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 5th. Weiss Ratings reissued a "hold (c)" rating on shares of Privia Health Group in a research report on Tuesday, September 29th. Finally, Piper Sandler raised their target price on shares of Privia Health Group from $36.00 to $38.00 and gave the stock an "overweight" rating in a research note on Friday. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.23.

Privia Health Group Stock Performance

NASDAQ:PRVA traded up $0.30 during mid-day trading on Friday, hitting $24.24. The stock had a trading volume of 1,421,188 shares, compared to its average volume of 1,064,856. Privia Health Group has a twelve month low of $18.92 and a twelve month high of $28.82. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 115.56 and a beta of 0.76. The company's 50 day simple moving average is $20.97 and its 200 day simple moving average is $22.63.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.12. Privia Health Group had a return on equity of 3.52% and a net margin of 1.19%. The firm had revenue of $656.96 million for the quarter, compared to analyst estimates of $610.72 million. During the same quarter in the prior year, the company earned $0.29 earnings per share. The business's revenue for the quarter was up 13.2% compared to the same quarter last year. As a group, equities analysts forecast that Privia Health Group will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRVA. Maryland State Retirement & Pension System increased its stake in Privia Health Group by 64.5% in the third quarter. Maryland State Retirement & Pension System now owns 28,352 shares of the company's stock valued at $558,000 after acquiring an additional 11,114 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of Privia Health Group by 5.8% in the third quarter. Illinois Municipal Retirement Fund now owns 60,639 shares of the company's stock worth $1,194,000 after acquiring an additional 3,316 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Privia Health Group by 313.7% in the 3rd quarter. Parallel Advisors LLC now owns 2,180 shares of the company's stock valued at $43,000 after purchasing an additional 1,653 shares in the last quarter. CenterBook Partners LP acquired a new stake in shares of Privia Health Group in the 3rd quarter valued at approximately $1,152,000. Finally, Heritage Family Offices LLP bought a new stake in shares of Privia Health Group during the 3rd quarter valued at approximately $34,000. 94.48% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Privia Health Group

Here are the key news stories impacting Privia Health Group this week:

• Positive Sentiment: Privia reported Q3 revenue of $656.96 million, above the $610.72 million consensus and up 13.2% year over year. Reported EPS of $0.21 also beat the $0.09 consensus. The company raised full-year guidance across key financial metrics; year-to-date adjusted EBITDA rose 21.9%. These results and the improved outlook support investor optimism. Privia Health Q3 results and guidance
• Positive Sentiment: Piper Sandler raised its price target to $38 from $36 and maintained an “overweight” rating, signaling confidence in the shares’ upside potential. Piper Sandler recommendations
• Positive Sentiment: A valuation analysis published after the earnings report said PRVA could be undervalued, adding to the favorable post-earnings narrative. Valuation analysis
• Negative Sentiment: Despite the beat, the reported $0.21 EPS was below the $0.29 recorded in the year-ago quarter, and the company’s net margin remains modest at 1.19%—potential points of caution for investors. Quarterly earnings details

About Privia Health Group

Privia Health Group, Inc is a physician-enablement company that partners with independent medical practices to support the delivery of coordinated, value-based care. The company provides an integrated platform designed to help physicians manage clinical, administrative and financial functions while maintaining ownership and control of their practices.

Its services include practice management, electronic health record and technology support, revenue-cycle management, payer contracting, population-health analytics, care-management programs and administrative assistance.

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