Privia Health Group, Inc. $PRVA Shares Sold by Rhenman & Partners Asset Management AB

Key Points

• Rhenman & Partners Asset Management cut its Privia Health Group stake by 35.6% in the fourth quarter, selling 69,189 shares and leaving it with 125,000 shares valued at about $3.0 million.
• Privia Health beat earnings and revenue expectations in its latest quarterly report, posting $0.19 EPS versus $0.08 expected and revenue of $603.85 million versus $560.99 million anticipated. Revenue rose 25.8% year over year.
• Insiders have been selling shares, including Director Matthew Shawn Morris and CFO David Mountcastle, with total insider sales reaching 189,435 shares worth $4.31 million over the last 90 days.

Rhenman & Partners Asset Management AB trimmed its position in Privia Health Group, Inc. (NASDAQ:PRVA - Free Report) by 35.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 125,000 shares of the company's stock after selling 69,189 shares during the period. Rhenman & Partners Asset Management AB owned approximately 0.10% of Privia Health Group worth $2,964,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Privia Health Group by 5.3% in the third quarter. Vanguard Group Inc. now owns 12,098,933 shares of the company's stock valued at $301,263,000 after buying an additional 607,447 shares in the last quarter. Durable Capital Partners LP increased its holdings in shares of Privia Health Group by 1.8% in the third quarter. Durable Capital Partners LP now owns 11,691,685 shares of the company's stock valued at $291,123,000 after buying an additional 203,842 shares in the last quarter. State Street Corp raised its stake in Privia Health Group by 1.5% during the 2nd quarter. State Street Corp now owns 4,171,069 shares of the company's stock valued at $95,935,000 after purchasing an additional 61,853 shares during the period. Van Berkom & Associates Inc. raised its stake in Privia Health Group by 1.8% during the 4th quarter. Van Berkom & Associates Inc. now owns 3,844,256 shares of the company's stock valued at $91,147,000 after purchasing an additional 69,691 shares during the period. Finally, Geode Capital Management LLC raised its stake in Privia Health Group by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 2,814,290 shares of the company's stock valued at $66,738,000 after purchasing an additional 31,204 shares during the period. 94.48% of the stock is currently owned by institutional investors and hedge funds.

Privia Health Group Stock Up 0.3%

Privia Health Group stock opened at $23.43 on Friday. The company's fifty day simple moving average is $22.87 and its 200-day simple moving average is $22.96. Privia Health Group, Inc. has a 12 month low of $18.77 and a 12 month high of $26.51. The stock has a market cap of $2.95 billion, a P/E ratio of 146.45, a P/E/G ratio of 1.69 and a beta of 0.90.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.08 by $0.11. Privia Health Group had a net margin of 0.97% and a return on equity of 2.81%. The business had revenue of $603.85 million for the quarter, compared to analysts' expectations of $560.99 million. During the same period in the previous year, the company posted $0.22 EPS. Privia Health Group's revenue was up 25.8% on a year-over-year basis. On average, equities research analysts expect that Privia Health Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Matthew Shawn Morris sold 17,096 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $24.99, for a total transaction of $427,229.04. Following the transaction, the director directly owned 68,188 shares in the company, valued at $1,704,018.12. The trade was a 20.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Mountcastle sold 7,179 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $25.03, for a total transaction of $179,690.37. Following the transaction, the chief financial officer owned 214,847 shares in the company, valued at approximately $5,377,620.41. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,435 shares of company stock worth $4,314,322 in the last ninety days. Corporate insiders own 5.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PRVA shares. Truist Financial boosted their target price on shares of Privia Health Group from $31.00 to $33.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Citigroup cut their target price on shares of Privia Health Group from $34.00 to $32.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings downgraded shares of Privia Health Group from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. Jefferies Financial Group reissued a "buy" rating and set a $32.00 target price on shares of Privia Health Group in a research note on Thursday, February 26th. Finally, Canaccord Genuity Group cut their target price on shares of Privia Health Group from $35.00 to $34.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Eleven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $31.15.

Privia Health Group Company Profile

Privia Health Group NASDAQ: PRVA is a physician enablement company that partners with independent physicians, medical groups and health systems to transform the delivery of patient care. Through a clinically integrated network and a proprietary technology platform, the company supports providers in managing population health, delivering coordinated care and optimizing financial performance under both fee-for-service and value-based reimbursement models.

Founded in 2016 and headquartered in McLean, Virginia, Privia Health has rapidly expanded its footprint to serve multiple metropolitan markets across the United States.

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