PACS Group (NYSE:PACS) Stock Price Down 5.5% – Here’s Why

PACS Group, Inc. (NYSE:PACS) shares dropped 5.5% during trading on Thursday . The stock traded as low as $19.29 and last traded at $19.37. Approximately 517,476 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 837,138 shares. The stock had previously closed at $20.49.

Analyst Ratings Changes

A number of research firms have issued reports on PACS. Oppenheimer increased their target price on PACS Group from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Stephens lifted 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. UBS Group assumed coverage on PACS Group in a research report on Wednesday, October 9th. They set a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $40.00 price objective on shares of PACS Group in a research report on Wednesday, November 6th. Finally, Citigroup assumed coverage on shares of PACS Group in a report on Wednesday, September 11th. They set a “buy” rating and a $45.00 target price for the company. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $41.00.

PACS Group Stock Down 5.6 %

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 firm’s 50 day simple moving average is $37.09 and its two-hundred day simple moving average is $33.63.

Institutional Investors Weigh In On PACS Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank bought a new position in PACS Group during the 2nd quarter worth $25,000. Whittier Trust Co. grew its holdings in shares of PACS Group by 152.2% during the 3rd quarter. Whittier Trust Co. now owns 1,382 shares of the company’s stock worth $55,000 after purchasing an additional 834 shares in the last quarter. Crewe Advisors LLC bought a new position in shares of PACS Group in the third quarter worth $66,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in PACS Group in the third quarter valued at about $251,000. Finally, US Bancorp DE lifted its position in PACS Group by 56.2% during the third quarter. US Bancorp DE now owns 6,681 shares of the company’s stock worth $267,000 after purchasing an additional 2,404 shares during the period.

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.