Privia Health Group (NASDAQ:PRVA) Stock Price Up 9.4% Following Earnings Beat

Privia Health Group, Inc. (NASDAQ:PRVA) shares shot up 9.4% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $24.44 and last traded at $24.7720. 147,233 shares changed hands during mid-day 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 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.21. The firm had revenue of $541.17 million for the quarter, compared to the consensus estimate of $516.61 million. Privia Health Group had a return on equity of 2.52% and a net margin of 0.89%.The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citizens Jmp boosted their target price on shares of Privia Health Group from $30.00 to $31.00 and gave the company a “market outperform” rating in a research note on Friday, November 7th. Stephens reissued an “overweight” rating and issued a $32.00 price objective on shares of Privia Health Group in a research report on Thursday, December 4th. Barclays upped their target price on shares of Privia Health Group from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, November 10th. Evercore lifted their price target on shares of Privia Health Group from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Finally, Royal Bank Of Canada began coverage on Privia Health Group in a report on Friday, January 9th. They set an “outperform” rating and a $31.00 price objective on the stock. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.54.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PRVA. Hantz Financial Services Inc. increased its stake in shares of Privia Health Group by 456.2% in the fourth quarter. Hantz Financial Services Inc. now owns 1,129 shares of the company’s stock worth $27,000 after acquiring an additional 926 shares during the period. Global Retirement Partners LLC grew its holdings in Privia Health Group by 579.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,584 shares of the company’s stock worth $38,000 after acquiring an additional 1,351 shares during the period. CWM LLC raised its position in Privia Health Group by 89.4% during the second quarter. CWM LLC now owns 3,416 shares of the company’s stock valued at $79,000 after acquiring an additional 1,612 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Privia Health Group by 48.0% during the second quarter. Canada Pension Plan Investment Board now owns 3,700 shares of the company’s stock valued at $85,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in Privia Health Group in the fourth quarter valued at approximately $93,000. 94.48% of the stock is owned by institutional investors and hedge funds.

Privia Health Group Trading Up 8.9%

The firm has a market cap of $3.03 billion, a PE ratio of 190.56, a price-to-earnings-growth ratio of 1.51 and a beta of 0.83. The company has a 50-day simple moving average of $23.04 and a 200 day simple moving average of $23.43.

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.