Piper Sandler Issues Pessimistic Forecast for Privia Health Group (NASDAQ:PRVA) Stock Price

Key Points

• Piper Sandler has reduced the price target for Privia Health Group from $36.00 to $35.00, while maintaining an "overweight" rating, suggesting a potential upside of 70.07% from the stock's previous close.
• The average target price for Privia Health Group is currently $28.00, with a consensus rating of "Buy" from analysts, indicating strong investor interest despite the recent downgrade.
• Privia Health Group reported a 23.4% increase in quarterly revenue year-over-year, reaching $521.15 million, although it missed earnings per share estimates.

Privia Health Group (NASDAQ:PRVA - Free Report) had its target price trimmed by Piper Sandler from $36.00 to $35.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts have also recently commented on PRVA. JMP Securities reissued a "market outperform" rating and set a $29.00 target price on shares of Privia Health Group in a report on Monday, April 28th. JPMorgan Chase & Co. upped their price objective on shares of Privia Health Group from $29.00 to $32.00 and gave the company an "overweight" rating in a research report on Wednesday, May 28th. Robert W. Baird increased their price target 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. 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 research note on Tuesday, May 27th. Finally, Evercore ISI decreased their price target on shares of 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 research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $28.00.

Privia Health Group Price Performance

Shares of PRVA stock traded up $0.50 during trading hours on Monday, reaching $21.21. 307,092 shares of the company's stock were exchanged, compared to its average volume of 846,222. The company has a market cap of $2.60 billion, a P/E ratio of 192.93, a price-to-earnings-growth ratio of 2.63 and a beta of 0.80. The company's 50 day moving average is $21.13 and its two-hundred day moving average is $22.76. Privia Health Group has a 1 year low of $16.47 and a 1 year high of $26.09.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PRVA. US Bancorp DE grew its holdings in shares of Privia Health Group by 2.4% during the first quarter. US Bancorp DE now owns 18,487 shares of the company's stock valued at $415,000 after buying an additional 429 shares in the last quarter. Park Avenue Securities LLC increased its position in shares of Privia Health Group by 3.6% in the 1st quarter. Park Avenue Securities LLC now owns 15,229 shares of the company's stock valued at $342,000 after buying an additional 532 shares in the last quarter. Bank of Montreal Can lifted its stake in Privia Health Group by 1.9% in the 2nd quarter. Bank of Montreal Can now owns 28,694 shares of the company's stock valued at $660,000 after purchasing an additional 543 shares during the last quarter. CWM LLC increased 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 valued at $40,000 after acquiring an additional 604 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its holdings in Privia Health Group by 6.8% in 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. Institutional investors and hedge funds own 94.48% of the company's stock.

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.