Privia Health Group (NASDAQ:PRVA) announced its quarterly earnings results on March 15, 2024, showcasing a significant improvement in performance. The company reported earnings per share of $0.25, exceeding analysts’ expectations of $0.04 by $0.21. This positive outcome reflects a return on equity of 2.52% and a net profit margin of 0.89%.
During the quarter, Privia Health generated revenue of $541.17 million, surpassing the anticipated $516.61 million. This figure represents a robust year-on-year revenue increase of 17.4%, compared to $461.04 million recorded during the same quarter last year.
Stock Performance and Market Position
Following the earnings report, Privia Health Group’s stock experienced a slight decline, trading down $0.29 to reach $24.62 during mid-day trading on March 16. The trading volume was 547,441 shares, below the average volume of 763,936. Over the past year, the stock has fluctuated between a low of $18.77 and a high of $26.51, currently holding a market capitalization of $3.03 billion. The price-to-earnings ratio stands at 189.21, with a PEG ratio of 1.59 and a beta of 0.83.
The company’s moving averages indicate a 50-day simple moving average of $23.06 and a 200-day simple moving average of $23.44, suggesting a stable performance trajectory in recent months.
Insider Transactions and Institutional Investments
Recent insider activity reflects changes in ownership stakes. Director Matthew Shawn Morris sold 13,647 shares at an average price of $25.01, totaling $341,311.47. After this transaction, he retained 68,188 shares, valued at approximately $1.7 million, marking a 16.68% reduction in his holdings.
Additionally, Chief Financial Officer David Mountcastle sold 23,887 shares at an average price of $25.03, resulting in a total of $597,891.61. Post-sale, he holds 172,909 shares worth about $4.33 million, a 12.14% decrease in his position. These transactions were disclosed to the Securities and Exchange Commission.
Institutional investors have also been active in adjusting their positions. For instance, Vanguard Personalized Indexing Management LLC increased its stake by 5.9% during the fourth quarter, now holding 16,250 shares valued at $385,000. Similarly, Schroder Investment Management Group raised its holdings by 0.8%, owning 140,038 shares worth $3.34 million.
Overall, institutional investors now comprise approximately 94.48% of Privia Health Group’s stock ownership, indicating strong institutional confidence in the company’s direction.
Privia Health Group, headquartered in McLean, Virginia, is a physician enablement company that partners with independent physicians and health systems to enhance patient care delivery. Established in 2016, the company has quickly expanded across multiple U.S. metropolitan markets, leveraging a clinically integrated network and proprietary technology to optimize healthcare performance.
This robust quarterly performance and active insider trading reflect a dynamic and evolving landscape for Privia Health Group as it continues to navigate the healthcare sector.
