PACS Group (NYSE:PACS) Shares Gap Up – What’s Next?

PACS Group, Inc. (NYSE:PACS) gapped up before the market opened on Tuesday . The stock had previously closed at $39.94, but opened at $41.63. PACS Group shares last traded at $41.4410, with a volume of 128,774 shares trading hands.

Wall Street Analysts Forecast Growth

PACS has been the topic of several analyst reports. Oppenheimer lifted their price objective on PACS Group from $42.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Truist Financial raised their price target on PACS Group from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Wall Street Zen upgraded shares of PACS Group from a “buy” rating to a “strong-buy” rating in a report on Monday, June 15th. UBS Group lifted their target price on shares of PACS Group from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Finally, Zacks Research lowered shares of PACS Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 14th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.00.

PACS Group Stock Up 8.8%

The company’s fifty day moving average is $36.51 and its 200-day moving average is $36.35. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.87 billion and a PE ratio of 27.85.

PACS Group (NYSE:PACS) last released its quarterly earnings results on Monday, May 11th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.36 billion. PACS Group had a return on equity of 26.47% and a net margin of 4.49%. On average, analysts predict that PACS Group, Inc. will post 2.23 EPS for the current year.

Insider Buying and Selling at PACS Group

In other PACS Group news, insider John Todd Mitchell sold 27,389 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $37.16, for a total transaction of $1,017,775.24. Following the completion of the sale, the insider directly owned 803,566 shares of the company’s stock, valued at $29,860,512.56. This trade represents a 3.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Renee Lewis sold 15,000 shares of the business’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $40.01, for a total transaction of $600,150.00. Following the completion of the transaction, the chief accounting officer directly owned 370,338 shares in the company, valued at $14,817,223.38. This trade represents a 3.89% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 595,152 shares of company stock valued at $22,500,363 over the last ninety days. 70.10% of the stock is currently owned by company insiders.

Institutional Trading of PACS Group

A number of institutional investors and hedge funds have recently bought and sold shares of PACS. Cubist Systematic Strategies LLC bought a new position in shares of PACS Group during the 1st quarter valued at about $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of PACS Group by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,280 shares of the company’s stock worth $262,000 after purchasing an additional 1,443 shares during the last quarter. Millennium Management LLC increased its holdings in shares of PACS Group by 68.3% in the first quarter. Millennium Management LLC now owns 859,295 shares of the company’s stock worth $9,658,000 after purchasing an additional 348,743 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of PACS Group in the first quarter worth about $64,000. Finally, Caxton Associates LLP bought a new position in PACS Group during the first quarter valued at approximately $163,000.

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.