BTIG analyst David Larsen has maintained their neutral stance on PIII stock, giving a Hold rating yesterday.
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David Larsen has given his Hold rating due to a combination of factors impacting P3 Health Partners. The company’s recent earnings call revealed that their adjusted EBITDA fell short of expectations, leading to a downward revision of their full-year 2025 EBITDA guidance. This shortfall was attributed to significant financial headwinds, including unexpected revenue adjustments and ongoing margin pressures, which continue to pose challenges for the company.
Despite the efforts of the new leadership team to implement strategies for improvement, such as reducing headcount and operational costs, and identifying potential EBITDA improvements, the timeline for achieving profitability remains uncertain. While there are positive signs, like the anticipated increase in premiums and improved coding accuracy in 2026, the overall financial outlook remains cautious. The significant debt burden and persistent margin pressures contribute to the Hold rating, as the turnaround process is expected to take time.
In another report released yesterday, TD Cowen also reiterated a Hold rating on the stock with a $8.00 price target.
PIII’s price has also changed moderately for the past six months – from $8.180 to $6.840, which is a -16.38% drop .