Summit Global Investments Raises Stock Holdings in Privia Health Group, Inc. $PRVA

Summit Global Investments lifted its holdings in shares of Privia Health Group, Inc. (NASDAQ:PRVA) by 273.9% during the third quarter, HoldingsChannel reports. The firm owned 33,677 shares of the company’s stock after purchasing an additional 24,670 shares during the quarter. Summit Global Investments’ holdings in Privia Health Group were worth $839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. CWM LLC increased its position in Privia Health Group by 89.4% in the second quarter. CWM LLC now owns 3,416 shares of the company’s stock worth $79,000 after buying an additional 1,612 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Privia Health Group by 48.0% in 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 during the period. Raymond James Financial Inc. bought a new position in shares of Privia Health Group in the second quarter worth $113,000. Covestor Ltd raised its position in shares of Privia Health Group by 39.8% in the third quarter. Covestor Ltd now owns 5,824 shares of the company’s stock worth $145,000 after buying an additional 1,657 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Privia Health Group during the first quarter worth about $154,000. Institutional investors own 94.48% of the company’s stock.

Insider Buying and Selling

In related news, CFO David Mountcastle sold 23,887 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $25.03, for a total transaction of $597,891.61. Following the transaction, the chief financial officer owned 172,909 shares in the company, valued at $4,327,912.27. The trade was a 12.14% decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction dated Friday, December 12th. The stock was 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. Corporate insiders own 10.70% of the company’s stock.

Privia Health Group Stock Performance

Shares of Privia Health Group stock opened at $23.22 on Friday. Privia Health Group, Inc. has a 52-week low of $18.77 and a 52-week high of $26.51. The company’s 50 day moving average price is $23.83 and its 200-day moving average price is $23.13. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 178.63, a P/E/G ratio of 1.61 and a beta of 0.83.

Privia Health Group (NASDAQ:PRVA) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.23. The business had revenue of $580.42 million during the quarter, compared to analysts’ expectations of $494.98 million. Privia Health Group had a net margin of 0.89% and a return on equity of 2.52%. The firm’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.20 EPS. As a group, equities research analysts forecast that Privia Health Group, Inc. will post 0.14 earnings per share for the current fiscal year.

Analyst Ratings Changes

PRVA has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Privia Health Group from $32.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Truist Financial reaffirmed a “buy” rating and set a $31.00 price objective (up from $30.00) on shares of Privia Health Group in a report on Monday, November 10th. Royal Bank Of Canada initiated coverage on Privia Health Group in a research note on Friday, January 9th. They issued an “outperform” rating and a $31.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Privia Health Group in a report on Monday, December 29th. Finally, Citigroup reiterated a “market outperform” rating on shares of Privia Health Group in a research report on Tuesday, January 6th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.50.

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.