PACS Group, Inc.’s Lock-Up Period Will End on October 8th (NYSE:PACS)

PACS Group’s (NYSE:PACS) lock-up period will expire on Tuesday, October 8th. PACS Group had issued 21,428,572 shares in its public offering on April 11th. The total size of the offering was $450,000,012 based on an initial share price of $21.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PACS shares. Oppenheimer increased their target price on shares of PACS Group from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Stephens upped their target price on PACS Group from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, August 13th. Truist Financial boosted their price target on PACS Group from $36.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Citigroup initiated coverage on shares of PACS Group in a research note on Wednesday, September 11th. They set a “buy” rating and a $45.00 price objective on the stock. Finally, Macquarie assumed coverage on shares of PACS Group in a research report on Friday, June 28th. They issued an “outperform” rating and a $35.00 target price for the company. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, PACS Group presently has a consensus rating of “Buy” and an average target price of $37.57.

PACS Group Stock Performance

PACS stock opened at $38.88 on Thursday. PACS Group has a 1 year low of $22.61 and a 1 year high of $42.25. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.82. The stock’s 50 day moving average is $38.07.

PACS Group (NYSE:PACS) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.42). The company 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. Research analysts forecast that PACS Group will post 1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On PACS Group

Several hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new position in shares of PACS Group during the second quarter valued at $25,000. Sandia Investment Management LP acquired a new stake in PACS Group in the second quarter valued at $295,000. The Manufacturers Life Insurance Company bought a new position in PACS Group during the 2nd quarter worth $302,000. Oppenheimer Asset Management Inc. acquired a new position in PACS Group during the 2nd quarter worth about $552,000. Finally, Marshall Wace LLP acquired a new position in PACS Group during the 2nd quarter worth about $733,000.

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.