PACS Group (NYSE:PACS) Trading Down 5.5% – Here’s What Happened

Shares of PACS Group, Inc. (NYSE:PACS) fell 5.5% on Thursday . The company traded as low as $19.29 and last traded at $19.37. 517,476 shares were traded during mid-day trading, a decline of 38% from the average session volume of 837,138 shares. The stock had previously closed at $20.49.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PACS. UBS Group began coverage on shares of PACS Group in a report on Wednesday, October 9th. They issued a “buy” rating and a $50.00 price objective on the stock. Citigroup began coverage on shares of PACS Group in a research note on Wednesday, September 11th. They set a “buy” rating and a $45.00 target price on the stock. Truist Financial raised their target price on shares of PACS Group from $44.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Stephens raised their target price on shares of PACS Group from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $40.00 price objective on shares of PACS Group in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $41.00.

PACS Group Stock Down 7.3 %

The firm’s fifty day simple moving average is $37.46 and its 200 day simple moving average is $33.74. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.82.

PACS Group (NYSE:PACS) last announced its earnings results on Monday, August 12th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.35 by ($0.42). The business had revenue of $981.80 million for the quarter, compared to the consensus estimate of $919.22 million. The firm’s revenue was up 29.1% compared to the same quarter last year. As a group, analysts anticipate that PACS Group, Inc. will post 1.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC lifted its position in shares of PACS Group by 174.4% in the third quarter. FMR LLC now owns 1,641,651 shares of the company’s stock worth $65,617,000 after purchasing an additional 1,043,399 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new stake in shares of PACS Group in the second quarter worth approximately $19,584,000. Royce & Associates LP lifted its position in shares of PACS Group by 2.2% in the third quarter. Royce & Associates LP now owns 465,198 shares of the company’s stock worth $18,594,000 after purchasing an additional 10,002 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of PACS Group by 48.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 378,325 shares of the company’s stock worth $15,122,000 after purchasing an additional 123,654 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of PACS Group by 78.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 327,005 shares of the company’s stock worth $13,070,000 after purchasing an additional 143,389 shares in the last quarter.

PACS Group Company Profile

PACS Group, Inc, through its subsidiaries, operates skilled nursing facilities and assisted living facilities in the United States. The company also provides senior care and independent facilities. It engages in the acquisition, ownership, and leasing of health care-related properties. The company was founded in 2013 and is based in Farmington, Utah.