Healthcare Services Group (NASDAQ:HCSG) Shares Gap Down – Here’s Why

Healthcare Services Group, Inc. (NASDAQ:HCSG) shares gapped down prior to trading on Wednesday . The stock had previously closed at $10.29, but opened at $9.95. Healthcare Services Group shares last traded at $9.89, with a volume of 29,115 shares changing hands.

Analysts Set New Price Targets

Several research firms have weighed in on HCSG. Benchmark reiterated a “buy” rating and set a $17.00 price objective on shares of Healthcare Services Group in a research report on Thursday. Royal Bank of Canada decreased their price target on shares of Healthcare Services Group from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. Finally, Robert W. Baird dropped their price objective on shares of Healthcare Services Group from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Healthcare Services Group has an average rating of “Hold” and an average target price of $14.00.

Healthcare Services Group Price Performance

The firm has a market cap of $788.01 million, a P/E ratio of 18.77 and a beta of 0.52. The company’s 50-day moving average is $10.72 and its two-hundred day moving average is $10.89.

Healthcare Services Group (NASDAQ:HCSG) last issued its earnings results on Wednesday, October 23rd. The business services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. The company had revenue of $428.10 million during the quarter, compared to analysts’ expectations of $429.95 million. Healthcare Services Group had a net margin of 1.82% and a return on equity of 12.58%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 EPS. On average, analysts expect that Healthcare Services Group, Inc. will post 0.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Healthcare Services Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC acquired a new stake in Healthcare Services Group in the first quarter valued at about $27,000. Financial Management Professionals Inc. acquired a new stake in shares of Healthcare Services Group in the 1st quarter valued at approximately $55,000. PNC Financial Services Group Inc. grew its holdings in shares of Healthcare Services Group by 38.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,186 shares of the business services provider’s stock valued at $64,000 after purchasing an additional 1,714 shares during the last quarter. Bleakley Financial Group LLC acquired a new position in Healthcare Services Group during the 3rd quarter worth approximately $116,000. Finally, Hennion & Walsh Asset Management Inc. bought a new position in Healthcare Services Group in the 2nd quarter valued at approximately $124,000. Institutional investors own 97.97% of the company’s stock.

About Healthcare Services Group

Healthcare Services Group, Inc provides management, administrative, and operating services to the housekeeping, laundry, linen, facility maintenance, and dietary service departments of nursing homes, retirement complexes, rehabilitation centers, and hospitals in the United States. It operates through two segments, Housekeeping and Dietary.