Privia Health Group, Inc. (NASDAQ:PRVA) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Analyst sentiment is moderately bullish: Seven of 10 analysts rate Privia Health a buy and three recommend holding, with an average 12-month price target of $31.20. Piper Sandler raised its target to $38, while Canaccord lifted its target to $33.
• Quarterly results beat expectations: Privia reported EPS of $0.21 versus estimates of $0.09 and revenue of $656.96 million versus estimates of $610.72 million; revenue grew 13.2% year over year.
• Shares traded at $24.55, within a 52-week range of $18.92 to $28.82. Institutional investors own 94.48% of the company’s stock.

Shares of Privia Health Group, Inc. (NASDAQ:PRVA - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the ten analysts that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $31.20.

A number of research analysts recently weighed in on the stock. Citigroup restated a "buy" rating on shares of Privia Health Group in a research report on Thursday, July 23rd. Piper Sandler boosted their target price on shares of Privia Health Group from $36.00 to $38.00 and gave the company an "overweight" rating in a research note on Friday, November 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Privia Health Group in a report on Tuesday, September 29th. Zacks Research upgraded Privia Health Group from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 5th. Finally, Canaccord Genuity Group lifted their price objective on Privia Health Group from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Friday, November 6th.

Institutional Investors Weigh In On Privia Health Group

Several hedge funds and other institutional investors have recently made changes to their positions in PRVA. Public Employees Retirement System of Ohio purchased a new stake in Privia Health Group during the second quarter valued at approximately $26,000. Heritage Family Offices LLP bought a new position in Privia Health Group in the third quarter worth approximately $34,000. Parallel Advisors LLC boosted its stake in shares of Privia Health Group by 313.7% during the 3rd quarter. Parallel Advisors LLC now owns 2,180 shares of the company's stock worth $43,000 after acquiring an additional 1,653 shares during the last quarter. Allworth Financial LP bought a new stake in shares of Privia Health Group during the 2nd quarter valued at $48,000. Finally, Nykredit A S bought a new stake in shares of Privia Health Group during the 2nd quarter valued at $50,000. Hedge funds and other institutional investors own 94.48% of the company's stock.

Privia Health Group Price Performance

Shares of Privia Health Group stock traded up $0.88 during trading on Friday, hitting $24.55. 1,608,768 shares of the company's stock traded hands, compared to its average volume of 1,300,060. Privia Health Group has a 1 year low of $18.92 and a 1 year high of $28.82. The stock has a market capitalization of $3.14 billion, a P/E ratio of 94.43 and a beta of 0.76. The business has a 50-day simple moving average of $21.40 and a 200-day simple moving average of $22.65.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.12. The business had revenue of $656.96 million during the quarter, compared to analyst estimates of $610.72 million. Privia Health Group had a return on equity of 4.20% and a net margin of 1.43%. Privia Health Group's revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 EPS. On average, equities analysts predict that Privia Health Group will post 0.27 earnings per share for the current fiscal year.

Privia Health Group Company Profile

Privia Health Group, Inc. is a physician enablement company that partners with independent medical groups, health systems and other providers. Its technology-enabled platform is designed to help physicians manage their practices and deliver coordinated care, while retaining their clinical independence. The company provides practice management, technology, care coordination and population health services. It also helps providers participate in value-based care arrangements, which tie payments more closely to the quality and efficiency of care.

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