Privia Health Group, Inc. (NASDAQ:PRVA) Sees Significant Increase in Short Interest

Privia Health Group, Inc. (NASDAQ:PRVA – Get Rating) saw a large growth in short interest in May. As of May 15th, there was short interest totalling 5,740,000 shares, a growth of 189.9% from the April 30th total of 1,980,000 shares. Currently, 5.4% of the shares of the company are short sold. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is presently 4.9 days.

Wall Street Analyst Weigh In

PRVA has been the subject of a number of recent analyst reports. Credit Suisse Group reissued an “outperform” rating and set a $41.00 target price on shares of Privia Health Group in a research note on Tuesday, March 7th. The Goldman Sachs Group initiated coverage on shares of Privia Health Group in a research note on Friday, February 3rd. They set a “buy” rating and a $32.00 target price for the company. SVB Securities boosted their target price on shares of Privia Health Group from $39.00 to $40.00 in a research note on Friday, May 5th. Royal Bank of Canada initiated coverage on shares of Privia Health Group in a research note on Thursday, March 9th. They set an “outperform” rating and a $36.00 target price for the company. Finally, Stephens initiated coverage on shares of Privia Health Group in a research note on Tuesday, April 11th. They set an “overweight” rating and a $33.00 target price for the company. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $39.19.

Insider Buying and Selling

In other Privia Health Group news, Director William M. Sullivan sold 18,153 shares of the stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $26.54, for a total transaction of $481,780.62. Following the completion of the sale, the director now directly owns 5,673,861 shares of the company’s stock, valued at approximately $150,584,270.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Privia Health Group news, Director William M. Sullivan sold 18,153 shares of the stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $26.54, for a total transaction of $481,780.62. Following the completion of the sale, the director now directly owns 5,673,861 shares of the company’s stock, valued at approximately $150,584,270.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Parth Mehrotra sold 53,560 shares of the stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $28.13, for a total transaction of $1,506,642.80. Following the sale, the chief operating officer now directly owns 97,391 shares of the company’s stock, valued at $2,739,608.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,371,773 shares of company stock valued at $551,840,171. 57.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Royce & Associates LP increased its position in shares of Privia Health Group by 26.0% during the 1st quarter. Royce & Associates LP now owns 97,000 shares of the company’s stock valued at $2,678,000 after purchasing an additional 20,000 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Privia Health Group by 13.6% in the first quarter. JPMorgan Chase & Co. now owns 150,039 shares of the company’s stock worth $4,143,000 after buying an additional 17,973 shares during the period. State Street Corp raised its holdings in shares of Privia Health Group by 10.5% during the first quarter. State Street Corp now owns 1,251,534 shares of the company’s stock worth $34,555,000 after acquiring an additional 118,747 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Privia Health Group during the 1st quarter worth about $1,878,000. Finally, Geode Capital Management LLC lifted its position in shares of Privia Health Group by 9.5% during the 1st quarter. Geode Capital Management LLC now owns 1,037,189 shares of the company’s stock worth $28,637,000 after purchasing an additional 89,824 shares during the last quarter. Hedge funds and other institutional investors own 66.83% of the company’s stock.

Privia Health Group Stock Performance

Shares of PRVA traded up $0.04 during midday trading on Friday, hitting $24.48. The company had a trading volume of 502,926 shares, compared to its average volume of 1,014,512. The firm has a market capitalization of $2.83 billion, a P/E ratio of 222.36, a P/E/G ratio of 3.14 and a beta of 0.77. Privia Health Group has a 1 year low of $20.64 and a 1 year high of $44.64. The company’s 50-day simple moving average is $26.88 and its 200-day simple moving average is $25.85.

Privia Health Group (NASDAQ:PRVA – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.17. Privia Health Group had a return on equity of 3.20% and a net margin of 1.14%. The firm had revenue of $364.42 million for the quarter, compared to the consensus estimate of $337.16 million. Equities analysts predict that Privia Health Group will post 0.23 earnings per share for the current fiscal year.

About Privia Health Group

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Privia Health Group, Inc operates as a national physician-enablement company in the United States. The company collaborates with medical groups, health plans, and health systems to optimize physician practices, enhance patient experiences, and reward doctors for delivering care in-person and virtual settings.