Privia Health Group (NASDAQ:PRVA) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Privia Health Group (NASDAQ:PRVA) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday,Zacks.com reports.

PRVA has been the topic of several other research reports. Barclays cut their price objective on Privia Health Group from $25.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 26th. Canaccord Genuity Group dropped their price objective on shares of Privia Health Group from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Evercore set a $26.00 price objective on shares of Privia Health Group in a research report on Wednesday, April 8th. Finally, Weiss Ratings upgraded Privia Health Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 2nd. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $31.15.

Privia Health Group Stock Performance

Shares of Privia Health Group stock opened at $27.21 on Tuesday. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 170.07, a PEG ratio of 2.15 and a beta of 0.83. Privia Health Group has a fifty-two week low of $18.77 and a fifty-two week high of $27.70. The stock has a 50 day moving average of $23.65 and a 200 day moving average of $23.08.

Insider Activity

In other news, Director Matthew Shawn Morris sold 53,722 shares of Privia Health Group stock in a transaction on Monday, July 6th. The shares were sold at an average price of $27.24, for a total value of $1,463,387.28. Following the transaction, the director directly owned 68,188 shares of the company’s stock, valued at $1,857,441.12. The trade was a 44.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Parth Mehrotra sold 15,647 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $22.64, for a total transaction of $354,248.08. Following the completion of the sale, the chief executive officer owned 434,357 shares of the company’s stock, valued at approximately $9,833,842.48. This trade represents a 3.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 456,980 shares of company stock valued at $11,493,887. 5.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Durable Capital Partners LP grew its position in Privia Health Group by 1.8% in the 3rd quarter. Durable Capital Partners LP now owns 11,691,685 shares of the company’s stock valued at $291,123,000 after buying an additional 203,842 shares during the last quarter. State Street Corp raised its holdings in Privia Health Group by 1.5% during the second quarter. State Street Corp now owns 4,171,069 shares of the company’s stock worth $95,935,000 after purchasing an additional 61,853 shares in the last quarter. Van Berkom & Associates Inc. boosted its holdings in Privia Health Group by 5.4% in the 1st quarter. Van Berkom & Associates Inc. now owns 4,053,043 shares of the company’s stock valued at $83,371,000 after purchasing an additional 208,787 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Privia Health Group by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,814,290 shares of the company’s stock valued at $66,738,000 after purchasing an additional 31,204 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Privia Health Group by 1.6% during the 4th quarter. Principal Financial Group Inc. now owns 2,787,802 shares of the company’s stock worth $66,099,000 after purchasing an additional 43,589 shares during the period. 94.48% of the stock is currently owned by hedge funds and other institutional investors.

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.