PACS Group (NYSE:PACS) Shares Gap Up – Time to Buy?

PACS Group, Inc. (NYSE:PACS) shares 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.

Analyst Ratings Changes

A number of research analysts have recently commented on PACS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of PACS Group in a research report on Wednesday, June 24th. UBS Group upped their target price on shares of PACS Group from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Oppenheimer increased their price target on shares of PACS Group from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Wall Street Zen upgraded PACS Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 15th. Finally, Zacks Research cut PACS Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 14th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

PACS Group Price Performance

The firm has a market cap of $6.87 billion and a P/E ratio of 27.85. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.99. The stock’s 50-day simple moving average is $36.51 and its two-hundred day simple moving average is $36.35.

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

Insider Buying and Selling

In other PACS Group news, insider John Todd Mitchell sold 27,389 shares of PACS Group 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 in the company, valued at approximately $29,860,512.56. The trade was a 3.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 firm’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 transaction, the chief accounting officer directly owned 370,338 shares of the company’s stock, valued at approximately $14,817,223.38. This trade represents a 3.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 595,152 shares of company stock worth $22,500,363 in the last three months. Corporate insiders own 70.10% of the company’s stock.

Institutional Investors Weigh In On PACS Group

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

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.