Zacks Research Downgrades Privia Health Group (NASDAQ:PRVA) to Strong Sell

Key Points

• Zacks Research downgraded Privia Health Group (NASDAQ: PRVA) from “hold” to “strong sell,” making it the latest analyst move on the stock.
• Overall analyst sentiment remains mixed but still constructive: 11 analysts rate PRVA a Buy, two rate it Hold, and one rates it Sell, with a consensus rating of Moderate Buy and an average price target of $31.15.
• Insider selling has been notable, including recent share sales by a director and the CEO; insiders sold 456,980 shares worth about $11.5 million over the last 90 days.

Privia Health Group (NASDAQ:PRVA - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on PRVA. Weiss Ratings upgraded Privia Health Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, July 2nd. Evercore set a $26.00 target price on Privia Health Group in a report on Wednesday, April 8th. Canaccord Genuity Group cut their target price on 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. Finally, Barclays reduced their price target on Privia Health Group from $25.00 to $24.00 and set an "equal weight" rating for the company in a report on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $31.15.

Privia Health Group Stock Performance

Shares of NASDAQ PRVA opened at $27.21 on Tuesday. Privia Health Group has a fifty-two week low of $18.77 and a fifty-two week high of $27.70. The company has a 50 day simple moving average of $23.65 and a two-hundred day simple moving average of $23.08. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 170.07, a P/E/G ratio of 2.15 and a beta of 0.83.

Insider Activity

In related news, Director Matthew Shawn Morris sold 88,110 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $25.33, for a total transaction of $2,231,826.30. Following the sale, the director directly owned 76,651 shares of the company's stock, valued at $1,941,569.83. This trade represents a 53.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Parth Mehrotra sold 105,439 shares of Privia Health Group stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $22.55, for a total value of $2,377,649.45. Following the completion of the sale, the chief executive officer owned 450,004 shares of the company's stock, valued at $10,147,590.20. The trade was a 18.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 456,980 shares of company stock valued at $11,493,887 over the last ninety days. 5.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Privia Health Group

A number of large investors have recently made changes to their positions in PRVA. Royal Bank of Canada lifted its position in Privia Health Group by 63.5% during the first quarter. Royal Bank of Canada now owns 245,633 shares of the company's stock valued at $5,514,000 after purchasing an additional 95,371 shares during the period. AQR Capital Management LLC raised its stake in Privia Health Group by 24.7% during the 1st quarter. AQR Capital Management LLC now owns 40,781 shares of the company's stock valued at $916,000 after buying an additional 8,068 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Privia Health Group by 3.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 118,764 shares of the company's stock valued at $2,666,000 after buying an additional 3,714 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Privia Health Group by 55.1% during the 1st quarter. Intech Investment Management LLC now owns 56,553 shares of the company's stock valued at $1,270,000 after buying an additional 20,082 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in shares of Privia Health Group in the 1st quarter worth $154,000. 94.48% of the stock is currently owned by institutional investors.

About Privia Health Group

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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