Privia Health Group, Inc. (NASDAQ:PRVA) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has reduced its position in Privia Health Group by 36.3%, owning 46,119 shares valued at approximately $1,035,000 after selling 26,272 shares in the 1st quarter.
• Institutional investors control 94.48% of Privia Health Group's stock, with significant increases from firms like Bessemer Group Inc. and GAMMA Investing LLC during the same period.
• Despite a recent decline in stock price, analysts maintain strong ratings for the stock, with a consensus rating of "Buy" and an average target price of $28.38.

Mackenzie Financial Corp lessened its holdings in Privia Health Group, Inc. (NASDAQ:PRVA - Free Report) by 36.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 46,119 shares of the company's stock after selling 26,272 shares during the quarter. Mackenzie Financial Corp's holdings in Privia Health Group were worth $1,035,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Quadrant Capital Group LLC lifted its holdings in shares of Privia Health Group by 11.8% during the fourth quarter. Quadrant Capital Group LLC now owns 4,855 shares of the company's stock worth $95,000 after purchasing an additional 511 shares during the period. Park Avenue Securities LLC lifted its holdings in shares of Privia Health Group by 3.6% during the first quarter. Park Avenue Securities LLC now owns 15,229 shares of the company's stock worth $342,000 after purchasing an additional 532 shares during the period. CWM LLC lifted its holdings in shares of Privia Health Group by 50.3% during the first quarter. CWM LLC now owns 1,804 shares of the company's stock worth $40,000 after purchasing an additional 604 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Privia Health Group by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,673 shares of the company's stock worth $209,000 after purchasing an additional 678 shares during the period. Finally, Financial Management Professionals Inc. lifted its holdings in shares of Privia Health Group by 28.7% during the first quarter. Financial Management Professionals Inc. now owns 3,383 shares of the company's stock worth $76,000 after purchasing an additional 754 shares during the period. Institutional investors and hedge funds own 94.48% of the company's stock.

Privia Health Group Stock Up 5.5%

Shares of Privia Health Group stock traded up $1.07 on Friday, reaching $20.58. The company's stock had a trading volume of 1,789,762 shares, compared to its average volume of 1,021,701. The company has a market capitalization of $2.51 billion, a P/E ratio of 187.11, a PEG ratio of 3.31 and a beta of 0.80. Privia Health Group, Inc. has a 52-week low of $16.47 and a 52-week high of $26.09. The stock has a 50-day moving average price of $21.30 and a 200-day moving average price of $22.82.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.03). The business had revenue of $521.15 million during the quarter, compared to analysts' expectations of $466.97 million. Privia Health Group had a net margin of 0.78% and a return on equity of 2.13%. The firm's quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 earnings per share. Sell-side analysts forecast that Privia Health Group, Inc. will post 0.14 earnings per share for the current fiscal year.

Insider Activity at Privia Health Group

In related news, CEO Parth Mehrotra sold 13,773 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $24.99, for a total transaction of $344,187.27. Following the completion of the sale, the chief executive officer directly owned 423,143 shares in the company, valued at approximately $10,574,343.57. The trade was a 3.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Mountcastle sold 3,322 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $24.99, for a total value of $83,016.78. Following the sale, the chief financial officer owned 172,909 shares of the company's stock, valued at $4,320,995.91. The trade was a 1.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PRVA shares. JPMorgan Chase & Co. lifted their target price on Privia Health Group from $29.00 to $32.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Robert W. Baird lifted their target price on Privia Health Group from $24.00 to $26.00 and gave the stock an "outperform" rating in a report on Tuesday, April 15th. Barclays lifted their price target on Privia Health Group from $23.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 27th. JMP Securities reiterated a "market outperform" rating and set a $29.00 price target on shares of Privia Health Group in a research report on Monday, April 28th. Finally, Evercore ISI reduced their price target on Privia Health Group from $30.00 to $28.00 and set an "outperform" rating for the company in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Privia Health Group presently has an average rating of "Buy" and a consensus target price of $28.38.

About Privia Health Group

Privia Health Group, Inc operates as a national physician-enablement company in the United States. The company collaborates with medical groups, health plans, and health systems to optimize physician practices, enhance patient experiences, and reward doctors for delivering care in-person and virtual settings.