Stock Traders Buy Large Volume of Put Options on PACS Group (NYSE:PACS)

PACS Group, Inc. (NYSE:PACS - Get Free Report) saw unusually large options trading on Thursday. Investors bought 18,485 put options on the company. This is an increase of 2,095% compared to the average volume of 842 put options.

Institutional Trading of PACS Group

A number of institutional investors and hedge funds have recently bought and sold shares of PACS. Intech Investment Management LLC purchased a new position in shares of PACS Group during the third quarter valued at about $405,000. Charles Schwab Investment Management Inc. boosted its stake in PACS Group by 78.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 327,005 shares of the company's stock valued at $13,070,000 after buying an additional 143,389 shares during the last quarter. Penserra Capital Management LLC boosted its stake in PACS Group by 87.9% during the third quarter. Penserra Capital Management LLC now owns 30,128 shares of the company's stock valued at $1,204,000 after buying an additional 14,098 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in PACS Group by 45.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,882 shares of the company's stock valued at $595,000 after buying an additional 4,660 shares in the last quarter. Finally, FMR LLC increased its stake in PACS Group by 174.4% in the 3rd quarter. FMR LLC now owns 1,641,651 shares of the company's stock worth $65,617,000 after acquiring an additional 1,043,399 shares during the last quarter.

Wall Street Analyst Weigh In

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

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PACS Group Trading Up 3.3 %

PACS traded up $0.36 during trading on Monday, reaching $11.27. 257,269 shares of the company traded hands, compared to its average volume of 820,077. PACS Group has a 12-month low of $10.50 and a 12-month high of $43.92. The firm has a fifty day simple moving average of $13.13 and a 200 day simple moving average of $21.32. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.82.

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.