Privia Health Group (NASDAQ:PRVA) Trading 9.4% Higher After Strong Earnings

Shares of Privia Health Group, Inc. (NASDAQ:PRVA) shot up 9.4% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $24.44 and last traded at $24.7720. 147,233 shares changed hands during trading, a decline of 79% from the average session volume of 703,620 shares. The stock had previously closed at $22.65.

The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.04 by $0.21. The company had revenue of $541.17 million for the quarter, compared to analyst estimates of $516.61 million. Privia Health Group had a net margin of 0.89% and a return on equity of 2.52%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the business earned $0.21 earnings per share.

Analysts Set New Price Targets

Several analysts have commented on the company. Stephens reissued an “overweight” rating and issued a $32.00 price objective on shares of Privia Health Group in a report on Thursday, December 4th. BMO Capital Markets began coverage on Privia Health Group in a research report on Thursday, November 13th. They set an “outperform” rating and a $30.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Privia Health Group from $32.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Royal Bank Of Canada started coverage on shares of Privia Health Group in a research report on Friday, January 9th. They set an “outperform” rating and a $31.00 price objective for the company. Finally, Barclays lifted their target price on shares of Privia Health Group from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, November 10th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.54.

Insider Buying and Selling at Privia Health Group

In other news, CFO David Mountcastle sold 23,887 shares of the company’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $25.03, for a total transaction of $597,891.61. Following the completion of the sale, the chief financial officer owned 172,909 shares of the company’s stock, valued at $4,327,912.27. This represents a 12.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Shawn Morris sold 13,647 shares of the stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $25.01, for a total transaction of $341,311.47. Following the completion of the sale, the director owned 68,188 shares of the company’s stock, valued at $1,705,381.88. This trade represents a 16.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 10.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRVA. Great Lakes Advisors LLC acquired a new position in Privia Health Group in the third quarter valued at about $4,487,000. Advantage Alpha Capital Partners LP purchased a new stake in shares of Privia Health Group in the 2nd quarter valued at approximately $3,941,000. Hsbc Holdings PLC lifted its holdings in shares of Privia Health Group by 69.2% in the 2nd quarter. Hsbc Holdings PLC now owns 113,718 shares of the company’s stock worth $2,549,000 after acquiring an additional 46,526 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Privia Health Group in the 2nd quarter worth approximately $2,209,000. Finally, Bailard Inc. purchased a new position in shares of Privia Health Group during the 2nd quarter worth approximately $531,000. 94.48% of the stock is currently owned by institutional investors and hedge funds.

Privia Health Group Trading Up 8.9%

The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 190.56, a P/E/G ratio of 1.51 and a beta of 0.83. The company’s fifty day moving average is $23.04 and its two-hundred day moving average is $23.43.

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.