Renaissance Technologies LLC Buys New Position in PACS Group, Inc. (NYSE:PACS)

Renaissance Technologies LLC bought a new stake in PACS Group, Inc. (NYSE:PACS) during the second quarter, HoldingsChannel.com reports. The fund bought 40,500 shares of the company’s stock, valued at approximately $1,195,000.

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

PACS Group Stock Up 0.1 %

Shares of PACS opened at $38.50 on Friday. 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 50 day simple moving average is $38.33. PACS Group, Inc. has a 12 month low of $22.61 and a 12 month high of $42.25.

PACS Group (NYSE:PACS) last released its earnings results on Monday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.42). The business had revenue of $981.80 million during the quarter, compared to analyst estimates of $919.22 million. PACS Group’s quarterly revenue was up 29.1% compared to the same quarter last year. Research analysts predict that PACS Group, Inc. will post 1.03 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PACS shares. Macquarie started coverage on PACS Group in a report on Friday, June 28th. They set an “outperform” rating and a $35.00 target price on the stock. Stephens boosted their price target on PACS Group from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Oppenheimer upped their target price on PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Citigroup assumed coverage on PACS Group in a report on Wednesday, September 11th. They set a “buy” rating and a $45.00 price target for the company. Finally, Truist Financial boosted their price target on PACS Group from $36.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Seven investment 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 an average price target of $37.57.

PACS Group 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.