Privia Health Group (NASDAQ:PRVA) Sets New 52-Week High - Here's Why

Key Points

• Privia Health Group shares hit a new 52-week high, trading as high as $26.71 during the session and ending near $26.64, above the previous close of $25.73.
• Recent analyst updates were mixed, but the overall sentiment remains Moderate Buy: 11 analysts rate the stock a Buy and 3 a Hold, with an average price target of $31.15.
• The company posted strong quarterly results, with EPS of $0.19 beating estimates of $0.08 and revenue of $603.85 million topping expectations, while revenue rose 25.8% year over year.

Privia Health Group, Inc. (NASDAQ:PRVA - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $26.71 and last traded at $26.6360, with a volume of 188886 shares changing hands. The stock had previously closed at $25.73.

Analysts Set New Price Targets

A number of research firms have recently commented on PRVA. Evercore set a $26.00 price target on Privia Health Group in a research report on Wednesday, April 8th. Barclays dropped their price target on Privia Health Group from $25.00 to $24.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 26th. Canaccord Genuity Group reduced their price objective on Privia Health Group from $35.00 to $34.00 and set a "buy" rating for the company in a research report on Friday, May 8th. Weiss Ratings lowered Privia Health Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. Finally, Citigroup reduced their price target on Privia Health Group from $34.00 to $32.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. Eleven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $31.15.

Privia Health Group Price Performance

The firm has a 50-day moving average of $23.25 and a 200 day moving average of $22.96. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 168.62, a PEG ratio of 2.02 and a beta of 0.90.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.11. Privia Health Group had a return on equity of 2.81% and a net margin of 0.97%.The company had revenue of $603.85 million for the quarter, compared to analysts' expectations of $560.99 million. During the same quarter in the prior year, the business posted $0.22 EPS. The business's revenue was up 25.8% compared to the same quarter last year. On average, equities analysts forecast that Privia Health Group, Inc. will post 0.27 earnings per share for the current year.

Insider Buying and Selling at Privia Health Group

In related news, CEO Parth Mehrotra sold 15,647 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $22.64, for a total value of $354,248.08. Following the completion of the sale, the chief executive officer directly owned 434,357 shares in the company, valued at approximately $9,833,842.48. This trade represents a 3.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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, CFO David Mountcastle sold 17,196 shares of the firm's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $25.18, for a total transaction of $432,995.28. Following the completion of the sale, the chief financial officer owned 211,462 shares of the company's stock, valued at $5,324,613.16. This trade represents a 7.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 325,053 shares of company stock worth $7,852,885 over the last quarter. 5.70% of the stock is currently owned by insiders.

Institutional Trading of Privia Health Group

Hedge funds have recently made changes to their positions in the business. Durable Capital Partners LP boosted its stake in shares of Privia Health Group by 1.8% during the 3rd quarter. Durable Capital Partners LP now owns 11,691,685 shares of the company's stock worth $291,123,000 after acquiring an additional 203,842 shares during the period. State Street Corp raised its stake in Privia Health Group by 1.5% in the 2nd quarter. State Street Corp now owns 4,171,069 shares of the company's stock valued at $95,935,000 after acquiring an additional 61,853 shares during the period. Van Berkom & Associates Inc. lifted its holdings in Privia Health Group by 5.4% during the 1st quarter. Van Berkom & Associates Inc. now owns 4,053,043 shares of the company's stock valued at $83,371,000 after purchasing an additional 208,787 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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 last quarter. Finally, Principal Financial Group Inc. boosted its position in Privia Health Group by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 2,787,802 shares of the company's stock worth $66,099,000 after purchasing an additional 43,589 shares during the period. 94.48% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.