Privia Health Group (NASDAQ: PRVA) announced its quarterly earnings results on December 12, 2023, revealing a significant performance boost. The company reported earnings per share (EPS) of $0.25, surpassing analysts’ expectations of $0.04 by a notable margin of $0.21. This marks a considerable increase from the $0.21 EPS recorded during the same quarter last year.
The company achieved a revenue of $541.17 million for the quarter, exceeding analyst estimates of $516.61 million. This represents a robust growth of 17.4% compared to the previous year’s performance. Privia Health Group’s return on equity stood at 2.52%, while the net margin was reported at 0.89%.
Stock Performance and Insider Transactions
Following the earnings announcement, Privia Health Group’s stock traded down by $0.29, reaching $24.62 during mid-day trading on December 13. The trading volume was reported at 547,441 shares, which is lower than its average volume of 763,936 shares. The stock has fluctuated over the past year, with a twelve-month low of $18.77 and a high of $26.51. Currently, the market capitalization of Privia Health Group is approximately $3.03 billion, with a price-to-earnings ratio of 189.21.
Director Matthew Shawn Morris sold 13,647 shares of the company’s stock on December 12 at an average price of $25.01, totaling $341,311.47. This sale reduced his holdings to 68,188 shares, valued at about $1,705,381.88. Additionally, Chief Financial Officer David Mountcastle sold 23,887 shares at an average price of $25.03, amounting to $597,891.61. Post-transaction, Mountcastle holds 172,909 shares worth approximately $4,327,912.27. Insider ownership currently accounts for 10.70% of the stock.
Institutional Investor Activity
Institutional investors have recently altered their positions in Privia Health Group. Vanguard Personalized Indexing Management LLC increased its stake by 5.9% during the fourth quarter, now owning 16,250 shares valued at $385,000. Schroder Investment Management Group raised its holdings by 0.8%, bringing its total to 140,038 shares valued at $3,341,000. Other notable increases include Bradley Foster & Sargent Inc. CT, which boosted its stake by 3.3% and now holds 37,688 shares, and Canada Pension Plan Investment Board, which grew its position by 48.0% in the second quarter, owning 3,700 shares valued at $85,000. Institutional investors collectively own 94.48% of the company’s stock.
Privia Health Group, headquartered in McLean, Virginia, specializes in physician enablement, partnering with independent physicians and medical groups to enhance patient care delivery. Founded in 2016, the company has expanded rapidly across multiple metropolitan markets in the United States.
As Privia Health Group continues to demonstrate strong financial performance, the market will be closely watching its strategic moves and future growth potential.
