PACS Group (NYSE:PACS) Reaches New 52-Week High – Here’s Why

PACS Group, Inc. (NYSE:PACS)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $42.90 and last traded at $42.90, with a volume of 10006 shares changing hands. The stock had previously closed at $42.00.

Analyst Upgrades and Downgrades

PACS has been the subject of a number of research reports. Macquarie assumed coverage on shares of PACS Group in a research report on Friday, June 28th. They set an “outperform” rating and a $35.00 target price for the company. Truist Financial raised their price objective on shares of PACS Group from $44.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Oppenheimer boosted their target price on shares of PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Citigroup initiated coverage on PACS Group in a research report on Wednesday, September 11th. They issued a “buy” rating and a $45.00 price target for the company. Finally, UBS Group assumed coverage on PACS Group in a report on Wednesday, October 9th. They set a “buy” rating and a $50.00 price objective on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $39.38.

PACS Group Trading Up 0.4 %

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.71 and a quick ratio of 1.71. The firm’s fifty day moving average price is $39.89 and its two-hundred day moving average price is $33.28.

PACS Group (NYSE:PACS) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.42). The business had revenue of $981.80 million during the quarter, compared to analysts’ expectations of $919.22 million. The business’s revenue was up 29.1% on a year-over-year basis. As a group, sell-side analysts anticipate that PACS Group, Inc. will post 1.03 earnings per share for the current year.

Hedge Funds Weigh In On PACS Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Caas Capital Management LP purchased a new position in PACS Group in the second quarter worth $1,386,000. Bank of New York Mellon Corp purchased a new position in shares of PACS Group during the 2nd quarter valued at about $2,445,000. Allspring Global Investments Holdings LLC bought a new stake in PACS Group in the 2nd quarter worth approximately $7,513,000. Rhumbline Advisers bought a new position in PACS Group during the second quarter valued at approximately $870,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of PACS Group during the second quarter worth approximately $552,000.

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.