PACS Group (NYSE:PACS) Sees Unusually-High Trading Volume – Time to Buy?

PACS Group, Inc. (NYSE:PACS) shares saw strong trading volume on Tuesday . 769,665 shares were traded during mid-day trading, an increase of 11% from the previous session’s volume of 693,252 shares.The stock last traded at $29.76 and had previously closed at $31.01.

Wall Street Analyst Weigh In

PACS has been the subject of several analyst reports. Oppenheimer increased their target price on PACS Group from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Citigroup began coverage on shares of PACS Group in a research report on Wednesday, September 11th. They set a “buy” rating and a $45.00 price target for the company. Stephens boosted their price objective on shares of PACS Group from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. UBS Group started coverage on PACS Group in a research report on Wednesday, October 9th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Truist Financial boosted their price target on PACS Group from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $39.38.

PACS Group Trading Down 2.4 %

The company’s 50-day simple moving average is $39.92 and its 200-day simple moving average is $33.92. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.71 and a quick ratio of 1.71.

PACS Group (NYSE:PACS) last announced its earnings results on Monday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.42). The firm had revenue of $981.80 million during the quarter, compared to the consensus estimate of $919.22 million. The company’s revenue for the quarter was up 29.1% compared to the same quarter last year. Sell-side analysts predict that PACS Group, Inc. will post 1.03 earnings per share for the current year.

Institutional Investors Weigh In On PACS Group

Hedge funds have recently made changes to their positions in the company. Caas Capital Management LP acquired a new stake in shares of PACS Group in the second quarter worth about $1,386,000. Bank of New York Mellon Corp bought a new position in PACS Group in the second quarter worth $2,445,000. Allspring Global Investments Holdings LLC acquired a new position in PACS Group in the second quarter worth about $7,513,000. Rhumbline Advisers acquired a new position in shares of PACS Group in the 2nd quarter worth approximately $870,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of PACS Group during the 2nd quarter worth approximately $552,000.

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.