PACS Group (NYSE:PACS) Releases Quarterly Earnings Results

PACS Group (NYSE:PACS) posted its earnings results on Wednesday. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.14), Zacks reports. The company had revenue of $1.28 billion during the quarter.

PACS Group Stock Performance

Shares of NYSE PACS traded up $2.49 during midday trading on Wednesday, reaching $16.92. 5,826,583 shares of the company’s stock were exchanged, compared to its average volume of 742,241. PACS Group has a 52-week low of $7.50 and a 52-week high of $17.70. The business’s fifty day moving average price is $12.44 and its two-hundred day moving average price is $11.76. The stock has a market capitalization of $2.58 billion, a PE ratio of 54.59 and a beta of 1.05.

Institutional Investors Weigh In On PACS Group

Several hedge funds and other institutional investors have recently modified their holdings of PACS. Vanguard Group Inc. increased its holdings in shares of PACS Group by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,939,725 shares of the company’s stock valued at $54,092,000 after acquiring an additional 85,183 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in PACS Group by 67.3% in the third quarter. Balyasny Asset Management L.P. now owns 1,356,240 shares of the company’s stock worth $18,621,000 after purchasing an additional 545,348 shares during the period. Ameriprise Financial Inc. increased its stake in PACS Group by 19.6% during the third quarter. Ameriprise Financial Inc. now owns 1,350,551 shares of the company’s stock valued at $18,543,000 after purchasing an additional 220,939 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of PACS Group by 348.6% during the third quarter. Marshall Wace LLP now owns 1,010,906 shares of the company’s stock worth $13,880,000 after purchasing an additional 785,537 shares during the period. Finally, Alyeska Investment Group L.P. bought a new position in shares of PACS Group in the 3rd quarter worth about $11,904,000.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d)” rating on shares of PACS Group in a report on Saturday, September 27th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, PACS Group has a consensus rating of “Hold” and a consensus target price of $24.67.

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.