PACS Group (NYSE:PACS) Shares Gap Down - Here's Why

PACS Group, Inc. (NYSE:PACS - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $11.24, but opened at $11.00. PACS Group shares last traded at $10.72, with a volume of 101,807 shares changing hands.

Wall Street Analyst Weigh In

PACS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $18.00 price target on shares of PACS Group in a research note on Tuesday, December 17th. Macquarie dropped their price objective on shares of PACS Group from $42.00 to $24.00 and set an "outperform" rating on the stock in a research note on Monday, January 6th. Finally, Truist Financial reduced their price objective on PACS Group from $46.00 to $32.00 and set a "buy" rating for the company in a report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $34.00.

PACS Group Stock Down 1.6 %

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.71 and a current ratio of 1.71. The business's 50 day simple moving average is $12.74 and its 200 day simple moving average is $20.53.

Institutional Trading of PACS Group

Several institutional investors have recently made changes to their positions in the business. Barclays PLC increased its holdings in shares of PACS Group by 651.3% in the third quarter. Barclays PLC now owns 63,366 shares of the company's stock worth $2,532,000 after acquiring an additional 54,932 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of PACS Group by 60.5% in the third quarter. Wellington Management Group LLP now owns 5,376,551 shares of the company's stock worth $214,901,000 after purchasing an additional 2,025,835 shares during the last quarter. Soros Fund Management LLC grew its holdings in PACS Group by 233.3% during the 3rd quarter. Soros Fund Management LLC now owns 500,000 shares of the company's stock worth $19,985,000 after acquiring an additional 350,000 shares during the period. JPMorgan Chase & Co. grew its stake in shares of PACS Group by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,272,720 shares of the company's stock valued at $50,871,000 after buying an additional 70,786 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in PACS Group by 78.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 327,005 shares of the company's stock worth $13,070,000 after purchasing an additional 143,389 shares in the last quarter.

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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.