Privia Health Group (NASDAQ:PRVA) Reaches New 1-Year High - What's Next?

Key Points

• Privia Health Group hit a new 52-week high, trading as high as $27.70 intraday and last changing hands near $27.32.
• The company’s latest earnings topped expectations, with quarterly EPS of $0.19 versus the $0.08 consensus and revenue of $603.85 million, up 25.8% year over year.
• Analyst sentiment remains generally positive despite some target cuts: the stock carries an average Moderate Buy rating and a consensus price target of $31.15.

Privia Health Group, Inc. (NASDAQ:PRVA - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.70 and last traded at $27.32, with a volume of 22161 shares. The stock had previously closed at $27.19.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Barclays cut their price target on shares of Privia Health Group from $25.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 26th. Weiss Ratings upgraded shares of Privia Health Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday. Evercore set a $26.00 price objective on shares of Privia Health Group in a research note on Wednesday, April 8th. Finally, Canaccord Genuity Group reduced their target price on shares of Privia Health Group from $35.00 to $34.00 and set a "buy" rating for the company in a report on Friday, May 8th. Eleven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Privia Health Group currently has an average rating of "Moderate Buy" and an average target price of $31.15.

Privia Health Group Stock Performance

The company has a 50 day moving average price of $23.53 and a two-hundred day moving average price of $23.04. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of 171.17, a P/E/G ratio of 2.16 and a beta of 0.83.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.19 earnings per share (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 analyst estimates of $560.99 million. During the same quarter last year, the business earned $0.22 earnings per share. The company's revenue for the quarter was up 25.8% compared to the same quarter last year. On average, equities analysts expect that Privia Health Group, Inc. will post 0.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Parth Mehrotra sold 15,647 shares of Privia Health Group stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $22.64, for a total value of $354,248.08. Following the sale, the chief executive officer directly owned 434,357 shares of the company's stock, valued at $9,833,842.48. The trade was a 3.48% decrease in their ownership of the stock. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Matthew Shawn Morris sold 63,212 shares of Privia Health Group stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $25.33, for a total value of $1,601,159.96. Following the completion of the sale, the director directly owned 76,651 shares in the company, valued at $1,941,569.83. This represents a 45.20% 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. In the last three months, insiders sold 319,487 shares of company stock worth $7,736,834. Corporate insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Privia Health Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bayban acquired a new position in Privia Health Group in the 4th quarter valued at about $26,000. Hantz Financial Services Inc. increased its holdings in shares of Privia Health Group by 456.2% during the 4th quarter. Hantz Financial Services Inc. now owns 1,129 shares of the company's stock worth $27,000 after buying an additional 926 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of Privia Health Group by 579.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,584 shares of the company's stock valued at $38,000 after buying an additional 1,351 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Privia Health Group by 48.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 3,700 shares of the company's stock valued at $85,000 after buying an additional 1,200 shares during the period. Finally, Kestra Advisory Services LLC acquired a new position in Privia Health Group in the fourth quarter valued at approximately $93,000. Institutional investors and hedge funds own 94.48% of the company's stock.

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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