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

Privia Health Group, Inc. (NASDAQ:PRVA) hit 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 traded. The stock had previously closed at $25.73.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Weiss Ratings downgraded Privia Health Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Canaccord Genuity Group cut their price target on Privia Health Group from $35.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Barclays cut their price target on 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. Finally, Evercore set a $26.00 price objective on Privia Health Group in a research note on Wednesday, April 8th. Eleven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.15.

Privia Health Group Price Performance

The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 171.01, a price-to-earnings-growth ratio of 2.13 and a beta of 0.83. The business has a fifty day moving average price of $23.38 and a 200 day moving average price of $22.99.

Privia Health Group (NASDAQ:PRVA) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.11. The business had revenue of $603.85 million during the quarter, compared to the consensus estimate of $560.99 million. Privia Health Group had a net margin of 0.97% and a return on equity of 2.81%. The company’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.22 earnings per share. Research analysts anticipate that Privia Health Group, Inc. will post 0.27 earnings per share for the current year.

Insider Transactions at Privia Health Group

In other news, CEO Parth Mehrotra sold 15,647 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 434,357 shares in the company, valued at $9,833,842.48. This trade represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $25.33, for a total transaction of $1,601,159.96. Following the transaction, the director owned 76,651 shares in the company, valued at $1,941,569.83. This represents a 45.20% decrease in their position. 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. In the last three months, insiders sold 319,487 shares of company stock valued at $7,736,834. Company insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On Privia Health Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alpine Woods Capital Investors LLC bought a new stake in shares of Privia Health Group in the 1st quarter worth $231,000. Edgestream Partners L.P. bought a new position in Privia Health Group during the first quarter valued at about $2,847,000. Amundi grew its holdings in Privia Health Group by 188.0% during the first quarter. Amundi now owns 25,454 shares of the company’s stock worth $524,000 after acquiring an additional 16,617 shares during the period. Quantinno Capital Management LP grew its holdings in Privia Health Group by 67.6% during the first quarter. Quantinno Capital Management LP now owns 32,707 shares of the company’s stock worth $673,000 after acquiring an additional 13,189 shares during the period. Finally, Weiss Asset Management LP bought a new stake in Privia Health Group in the first quarter worth about $553,000. 94.48% of the stock is 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.