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 reduced its position in Privia Health Group, Inc. (NASDAQ:PRVA - Free Report) by 36.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Quadrant Capital Group LLC lifted its position in Privia Health Group by 11.8% in the fourth quarter. Quadrant Capital Group LLC now owns 4,855 shares of the company's stock valued at $95,000 after purchasing an additional 511 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in Privia Health Group by 3.6% in the 1st quarter. Park Avenue Securities LLC now owns 15,229 shares of the company's stock worth $342,000 after buying an additional 532 shares during the period. CWM LLC lifted its stake in Privia Health Group by 50.3% in the first quarter. CWM LLC now owns 1,804 shares of the company's stock worth $40,000 after acquiring an additional 604 shares during the period. Summit Investment Advisors Inc. increased its position 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 valued at $209,000 after buying an additional 678 shares during the period. Finally, Financial Management Professionals Inc. boosted its position in Privia Health Group by 28.7% during the 1st quarter. Financial Management Professionals Inc. now owns 3,383 shares of the company's stock valued at $76,000 after acquiring an additional 754 shares in the last quarter. 94.48% of the stock is currently owned by institutional investors.

Privia Health Group Stock Performance

PRVA stock traded down $0.27 during trading on Thursday, hitting $19.51. 3,043,323 shares of the company's stock traded hands, compared to its average volume of 841,353. Privia Health Group, Inc. has a 52 week low of $16.47 and a 52 week high of $26.09. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 162.60, a P/E/G ratio of 3.11 and a beta of 0.80. The business has a fifty day simple moving average of $21.41 and a 200 day simple moving average of $22.85.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $521.15 million for the quarter, compared to analysts' expectations of $466.97 million. Privia Health Group had a net margin of 0.87% and a return on equity of 2.32%. The business's quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.19 EPS. Research analysts forecast that Privia Health Group, Inc. will post 0.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PRVA has been the topic of a number of recent research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $29.00 target price on shares of Privia Health Group in a research report on Monday, April 28th. Barclays boosted their price objective on shares of Privia Health Group from $23.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 27th. Robert W. Baird upped their target price on shares of Privia Health Group from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Tuesday, April 15th. Evercore ISI cut their price objective on Privia Health Group from $30.00 to $28.00 and set an "outperform" rating for the company in a report on Wednesday, July 9th. Finally, Truist Financial upped their price target on shares of Privia Health Group from $27.00 to $28.00 and gave the company a "buy" rating in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Privia Health Group presently has a consensus rating of "Buy" and a consensus price target of $28.38.

Insider Activity

In other news, CEO Parth Mehrotra sold 13,773 shares of the stock in a transaction 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 transaction, the chief executive officer owned 423,143 shares of the company's stock, valued at approximately $10,574,343.57. This represents a 3.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Mountcastle sold 3,322 shares of the company'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 $83,016.78. Following the completion of the sale, the chief financial officer directly owned 172,909 shares of the company's stock, valued at $4,320,995.91. The trade was a 1.89% decrease in their position. The disclosure for this sale can be found here. 10.70% of the stock is owned by insiders.

Privia Health Group Company Profile

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.