Royal Bank Of Canada Initiates Coverage on Privia Health Group (NASDAQ:PRVA)

Royal Bank Of Canada started coverage on shares of Privia Health Group (NASDAQ:PRVA) in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage set an “outperform” rating and a $31.00 price target on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 34.55% from the company’s current price.

PRVA has been the subject of a number of other research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Privia Health Group in a research report on Monday, December 29th. Canaccord Genuity Group raised their price target on shares of Privia Health Group from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, November 12th. Evercore ISI lifted their price target on shares of Privia Health Group from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Wolfe Research set a $31.00 price objective on shares of Privia Health Group in a research note on Tuesday. Finally, Citigroup restated a “market outperform” rating on shares of Privia Health Group in a research report on Tuesday. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Privia Health Group currently has an average rating of “Moderate Buy” and an average price target of $30.50.

Privia Health Group Price Performance

Shares of PRVA opened at $23.04 on Friday. Privia Health Group has a 1-year low of $18.77 and a 1-year high of $26.51. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 177.24, a price-to-earnings-growth ratio of 1.62 and a beta of 0.83. The firm has a 50 day simple moving average of $23.95 and a 200-day simple moving average of $22.97.

Privia Health Group (NASDAQ:PRVA) last announced its earnings results on Tuesday, June 7th. The company reported $0.10 EPS for the quarter. Privia Health Group had a return on equity of 2.52% and a net margin of 0.89%.The firm had revenue of $213.61 million for the quarter. On average, equities analysts expect that Privia Health Group will post 0.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO David Mountcastle sold 23,887 shares of the business’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $25.03, for a total transaction of $597,891.61. Following the completion of the sale, the chief financial officer directly owned 172,909 shares of the company’s stock, valued at $4,327,912.27. The trade was a 12.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Shawn Morris sold 13,647 shares of the company’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 sale, the director owned 68,188 shares of the company’s stock, valued at approximately $1,705,381.88. The trade was a 16.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.70% of the stock is owned by company insiders.

Institutional Trading of Privia Health Group

A number of institutional investors have recently modified their holdings of PRVA. Vanguard Group Inc. raised its holdings in Privia Health Group by 5.3% in the third quarter. Vanguard Group Inc. now owns 12,098,933 shares of the company’s stock valued at $301,263,000 after buying an additional 607,447 shares during the period. Durable Capital Partners LP boosted its position in Privia Health Group by 1.8% during the 3rd quarter. Durable Capital Partners LP now owns 11,691,685 shares of the company’s stock worth $291,123,000 after purchasing an additional 203,842 shares during the period. State Street Corp raised its position in Privia Health Group by 1.5% in the second quarter. State Street Corp now owns 4,171,069 shares of the company’s stock valued at $95,935,000 after purchasing an additional 61,853 shares during the period. Van Berkom & Associates Inc. lifted its stake in shares of Privia Health Group by 30.1% during the third quarter. Van Berkom & Associates Inc. now owns 3,774,565 shares of the company’s stock worth $93,987,000 after purchasing an additional 873,344 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Privia Health Group by 6.3% in the second quarter. Geode Capital Management LLC now owns 2,655,569 shares of the company’s stock worth $61,086,000 after buying an additional 158,521 shares during the period. Hedge funds and other institutional investors own 94.48% of the company’s stock.

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.