Shares of PACS Group, Inc. (NYSE: PACS) experienced a significant surge in pre-market trading on Monday, opening at $12.85 after closing at $10.58 the previous day. The stock continued to climb, reaching a last-traded price of $16.14 with a trading volume of approximately 4,443,391 shares.
Analysts have recently updated their perspectives on PACS Group. In a report dated September 27, 2023, Weiss Ratings reaffirmed a “sell (d)” rating for the company’s shares. Meanwhile, three research analysts have issued a Buy rating, one has assigned a Hold rating, and another has given a Sell rating. According to data compiled by MarketBeat.com, PACS Group holds an average rating of “Hold” with a consensus price target of $26.25.
Institutional Investment Trends
Several institutional investors have modified their stakes in PACS Group recently. Notably, Jones Financial Companies Lllp acquired a new position in the company during the first quarter, valued at $64,000. Similarly, the State of Alaska Department of Revenue purchased shares worth $69,000 in the third quarter.
In the second quarter, Tower Research Capital LLC significantly increased its holdings in PACS Group by 289.0%, now owning 6,166 shares valued at approximately $80,000 following the acquisition of an additional 4,581 shares. The Police & Firemen’s Retirement System of New Jersey also raised its position by 27.0%, now holding 10,357 shares worth $134,000 after purchasing an extra 2,199 shares in the last quarter. Furthermore, the State of Wyoming increased its investment by 245.8%, now owning 12,445 shares valued at $140,000 after acquiring an additional 8,846 shares.
PACS Group Overview
Founded in 2013 and headquartered in Farmington, Utah, PACS Group, Inc. operates a variety of skilled nursing and assisted living facilities across the United States. The company specializes in the acquisition, ownership, and leasing of healthcare-related properties while also providing senior care services.
As the market continues to react to these developments, investors will be keen to monitor PACS Group’s performance closely. The fluctuations in stock price and the varying analyst recommendations underscore the dynamic nature of the healthcare investment landscape.
