Sandia Investment Management LP Takes $295,000 Position in PACS Group, Inc. (NYSE:PACS)

Sandia Investment Management LP bought a new position in PACS Group, Inc. (NYSE:PACS) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 10,000 shares of the company’s stock, valued at approximately $295,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PACS. Point72 DIFC Ltd bought a new stake in PACS Group during the second quarter worth about $831,000. Marshall Wace LLP bought a new stake in PACS Group in the 2nd quarter worth approximately $733,000. Davidson Kempner Capital Management LP purchased a new stake in PACS Group in the second quarter worth approximately $4,425,000. Hood River Capital Management LLC bought a new position in PACS Group during the second quarter valued at approximately $4,862,000. Finally, Sei Investments Co. purchased a new position in shares of PACS Group during the second quarter worth approximately $4,662,000.

PACS Group Stock Performance

Shares of NYSE:PACS opened at $40.45 on Wednesday. PACS Group, Inc. has a 1 year low of $22.61 and a 1 year high of $42.25. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.82. The firm’s 50-day simple moving average is $37.43.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PACS. Stephens upped 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. Macquarie assumed coverage on shares of PACS Group in a research report on Friday, June 28th. They set an “outperform” rating and a $35.00 price target for the company. Truist Financial lifted their price objective on PACS Group from $36.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Citigroup started coverage on PACS Group in a research note on Wednesday, September 11th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Oppenheimer raised their price target on PACS Group from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $37.57.

PACS Group Profile

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.