PACS Group (NYSE:PACS) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of PACS Group, Inc. (NYSE:PACS) saw unusually-strong trading volume on Tuesday . Approximately 769,665 shares changed hands during trading, an increase of 11% from the previous session’s volume of 693,252 shares.The stock last traded at $29.76 and had previously closed at $31.01.

Wall Street Analysts Forecast Growth

Several analysts have commented on PACS shares. Citigroup initiated coverage on shares of PACS Group in a research note on Wednesday, September 11th. They issued a “buy” rating and a $45.00 price target on the stock. UBS Group assumed coverage on shares of PACS Group in a research report on Wednesday, October 9th. They set a “buy” rating and a $50.00 price objective for the company. Oppenheimer boosted their price objective on PACS Group from $32.00 to $40.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Truist Financial boosted their target price on PACS Group from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Stephens increased their price target on PACS Group from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, August 13th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $39.38.

PACS Group Stock Performance

The company has a fifty day moving average of $39.92 and a 200-day moving average of $33.92. 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 posted its quarterly 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 firm had revenue of $981.80 million during the quarter, compared to analyst estimates of $919.22 million. The business’s revenue for the quarter was up 29.1% on a year-over-year basis. As a group, analysts expect that PACS Group, Inc. will post 1.03 earnings per share for the current year.

Institutional Investors Weigh In On PACS Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PACS. Amalgamated Bank purchased a new position in PACS Group during the 2nd quarter valued at about $25,000. Whittier Trust Co. grew its holdings in shares of PACS Group by 152.2% during the third quarter. Whittier Trust Co. now owns 1,382 shares of the company’s stock worth $55,000 after purchasing an additional 834 shares during the last quarter. US Bancorp DE lifted its holdings in shares of PACS Group by 56.2% during the third quarter. US Bancorp DE now owns 6,681 shares of the company’s stock worth $267,000 after purchasing an additional 2,404 shares during the period. Sandia Investment Management LP purchased a new stake in shares of PACS Group in the second quarter valued at approximately $295,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of PACS Group during the 2nd quarter valued at approximately $302,000.

About PACS Group

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.