Citigroup Has Lowered Expectations for Privia Health Group (NASDAQ:PRVA) Stock Price

Privia Health Group (NASDAQ:PRVA) had its price target reduced by equities research analysts at Citigroup from $34.00 to $32.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 31.69% from the company’s previous close.

Several other equities analysts also recently commented on the company. Canaccord Genuity Group increased their price target on Privia Health Group from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, February 27th. Truist Financial raised their target price on shares of Privia Health Group from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Privia Health Group in a report on Monday, December 29th. Wolfe Research set a $31.00 price target on shares of Privia Health Group in a report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. lifted their price objective on Privia Health Group from $32.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.00.

Privia Health Group Price Performance

Privia Health Group stock opened at $24.30 on Tuesday. Privia Health Group has a one year low of $18.77 and a one year high of $26.51. The company’s fifty day moving average price is $23.07 and its two-hundred day moving average price is $23.54. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 142.94, a PEG ratio of 1.59 and a beta of 0.82.

Privia Health Group (NASDAQ:PRVA) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.21. The company had revenue of $541.17 million during the quarter, compared to analysts’ expectations of $516.61 million. Privia Health Group had a return on equity of 3.06% and a net margin of 1.08%.The business’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. As a group, sell-side analysts anticipate that Privia Health Group will post 0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Matthew Shawn Morris sold 16,550 shares of the firm’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $25.00, for a total transaction of $413,750.00. Following the completion of the transaction, the director directly owned 68,188 shares of the company’s stock, valued at approximately $1,704,700. This trade represents a 19.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Mountcastle sold 7,697 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $25.05, for a total transaction of $192,809.85. Following the completion of the sale, the chief financial officer directly owned 172,909 shares in the company, valued at approximately $4,331,370.45. The trade was a 4.26% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 74,930 shares of company stock worth $1,874,410. 10.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Privia Health Group

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

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.