Privia Health Group (NASDAQ:PRVA) Reaches New 12-Month High Following Better-Than-Expected Earnings

Privia Health Group, Inc. (NASDAQ:PRVA)’s stock price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $26.51 and last traded at $26.02, with a volume of 83139 shares. The stock had previously closed at $25.02.

The company reported $0.10 earnings per share (EPS) for the quarter. The firm had revenue of $213.61 million for the quarter. Privia Health Group had a return on equity of 2.52% and a net margin of 0.89%.

Wall Street Analyst Weigh In

PRVA has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Privia Health Group in a research report on Wednesday, October 8th. Piper Sandler dropped their price target on Privia Health Group from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. Zacks Research upgraded shares of Privia Health Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 19th. Barclays lifted their price target on shares of Privia Health Group from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Thursday, October 9th. Finally, JMP Securities boosted their price objective on shares of Privia Health Group from $29.00 to $30.00 and gave the stock a “market outperform” rating in a research note on Friday, August 29th. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.25.

Institutional Trading of Privia Health Group

Several institutional investors have recently added to or reduced their stakes in PRVA. Wealth Alliance LLC lifted its holdings in shares of Privia Health Group by 4.4% during the 3rd quarter. Wealth Alliance LLC now owns 11,979 shares of the company’s stock valued at $298,000 after buying an additional 508 shares during the period. Guidance Capital Inc. grew its holdings in shares of Privia Health Group by 4.2% in the third quarter. Guidance Capital Inc. now owns 24,427 shares of the company’s stock worth $635,000 after acquiring an additional 993 shares during the period. Vanguard Group Inc. increased its position in Privia Health Group by 5.3% during the third quarter. Vanguard Group Inc. now owns 12,098,933 shares of the company’s stock valued at $301,263,000 after acquiring an additional 607,447 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Privia Health Group by 26.2% in the third quarter. JPMorgan Chase & Co. now owns 148,709 shares of the company’s stock valued at $3,703,000 after acquiring an additional 30,845 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its position in Privia Health Group by 22.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 99,722 shares of the company’s stock worth $2,483,000 after purchasing an additional 18,188 shares during the last quarter. 94.48% of the stock is currently owned by hedge funds and other institutional investors.

Privia Health Group Price Performance

The firm has a 50-day simple moving average of $24.15 and a 200-day simple moving average of $22.77. The firm has a market capitalization of $2.88 billion, a PE ratio of 180.24, a PEG ratio of 3.27 and a beta of 0.83.

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.