Privia Health Group (NASDAQ:PRVA) Upgraded by Zacks Research to "Hold" Rating

Key Points

• Zacks Research upgraded Privia Health Group's stock rating from "strong sell" to "hold," indicating a more favorable outlook for investors.
• Multiple brokerages have updated their price targets for Privia, with Barclays raising it from $23 to $24 and JPMorgan increasing it from $29 to $32, while Evercore ISI reduced its target from $30 to $28.
• Privia reported a 23.4% year-over-year increase in revenue, totaling $521.15 million for the quarter, though earnings per share fell short of estimates at $0.02.

Zacks Research upgraded shares of Privia Health Group (NASDAQ:PRVA - Free Report) from a strong sell rating to a hold rating in a report released on Tuesday, August 19th,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. JMP Securities reiterated a "market outperform" rating and set a $29.00 price objective on shares of Privia Health Group in a research report on Monday, April 28th. Evercore ISI lowered their price objective on shares of Privia Health Group from $30.00 to $28.00 and set an "outperform" rating on the stock in a report on Wednesday, July 9th. Barclays raised 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. JPMorgan Chase & Co. increased their target price on shares of Privia Health Group from $29.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Finally, Piper Sandler lowered their target price on shares of Privia Health Group from $36.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $28.00.

Privia Health Group Stock Performance

Privia Health Group stock traded up $0.03 during mid-day trading on Tuesday, reaching $21.43. The company's stock had a trading volume of 107,847 shares, compared to its average volume of 837,592. The business's 50 day simple moving average is $20.91 and its 200 day simple moving average is $22.69. Privia Health Group has a 12 month low of $16.47 and a 12 month high of $26.09. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 194.58, a price-to-earnings-growth ratio of 3.19 and a beta of 0.80.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.02 EPS 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 the consensus estimate 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 in the previous year, the firm posted $0.19 EPS. Privia Health Group has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Privia Health Group will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC raised its holdings in Privia Health Group by 50.3% during the 1st quarter. CWM LLC now owns 1,804 shares of the company's stock valued at $40,000 after buying an additional 604 shares during the period. Bessemer Group Inc. increased its stake in Privia Health Group by 2,393.4% in the first quarter. Bessemer Group Inc. now owns 2,269 shares of the company's stock worth $51,000 after purchasing an additional 2,178 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Privia Health Group by 2,852.2% during the first quarter. Russell Investments Group Ltd. now owns 2,657 shares of the company's stock valued at $60,000 after buying an additional 2,567 shares during the period. GAMMA Investing LLC increased its stake in shares of Privia Health Group by 113.1% during the first quarter. GAMMA Investing LLC now owns 2,866 shares of the company's stock valued at $64,000 after buying an additional 1,521 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its position in Privia Health Group by 2,115.3% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,323 shares of the company's stock valued at $75,000 after purchasing an additional 3,173 shares in the last quarter. 94.48% of the stock is currently owned by institutional investors.

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.