PACS Group (NYSE:PACS) Hits New 1-Year Low After Analyst Downgrade

PACS Group, Inc. (NYSE:PACS) shares hit a new 52-week low during mid-day trading on Monday after Stephens lowered their price target on the stock from $48.00 to $31.00. Stephens currently has an overweight rating on the stock. PACS Group traded as low as $16.71 and last traded at $16.83, with a volume of 1259903 shares. The stock had previously closed at $17.41.

Other research analysts have also recently issued reports about the stock. Truist Financial upped their price objective on shares of PACS Group from $44.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $40.00 price objective on shares of PACS Group in a research report on Wednesday, November 6th. Oppenheimer increased their price target on shares of PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. UBS Group started coverage on shares of PACS Group in a research note on Wednesday, October 9th. They issued a “buy” rating and a $50.00 price target for the company. Finally, Citigroup began coverage on PACS Group in a report on Wednesday, September 11th. They set a “buy” rating and a $45.00 target price for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, PACS Group currently has an average rating of “Buy” and a consensus price target of $39.88.

Institutional Trading of PACS Group

Large investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of PACS Group by 60.5% in the third quarter. Wellington Management Group LLP now owns 5,376,551 shares of the company’s stock worth $214,901,000 after acquiring an additional 2,025,835 shares during the last quarter. Zimmer Partners LP boosted its holdings in PACS Group by 191.2% in the third quarter. Zimmer Partners LP now owns 2,329,529 shares of the company’s stock valued at $93,111,000 after purchasing an additional 1,529,529 shares during the period. FMR LLC raised its holdings in shares of PACS Group by 174.4% in the 3rd quarter. FMR LLC now owns 1,641,651 shares of the company’s stock valued at $65,617,000 after purchasing an additional 1,043,399 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new position in PACS Group in the second quarter valued at approximately $19,584,000. Finally, Point72 Asset Management L.P. boosted its position in shares of PACS Group by 181.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 637,543 shares of the company’s stock valued at $25,483,000 after purchasing an additional 411,194 shares during the period.

PACS Group Trading Up 1.4 %

The business’s 50 day simple moving average is $36.27 and its 200 day simple moving average is $33.65. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.82.

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.