PACS Group, Inc.’s Lock-Up Period To End Tomorrow (NYSE:PACS)

PACS Group’s (NYSE:PACS) lock-up period is set to end on Tuesday, October 8th. PACS Group had issued 21,428,572 shares in its initial public offering on April 11th. The total size of the offering was $450,000,012 based on an initial share price of $21.00. After the expiration of the company’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PACS. Truist Financial upped their price objective on shares of PACS Group from $36.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Citigroup started coverage on shares of PACS Group in a report on Wednesday, September 11th. They issued a “buy” rating and a $45.00 target price for the company. Oppenheimer upped their target price on shares of PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Stephens upped their target price on shares of PACS Group from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Finally, Macquarie started coverage on shares of PACS Group in a report on Friday, June 28th. They issued an “outperform” rating and a $35.00 target price for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $37.57.

PACS Group Price Performance

NYSE PACS opened at $38.50 on Monday. PACS Group has a 52-week low of $22.61 and a 52-week high of $42.25. The business’s 50-day moving average price is $38.33. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.71 and a quick ratio of 1.71.

PACS Group (NYSE:PACS) last posted its quarterly 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 company had revenue of $981.80 million for the quarter, compared to analysts’ expectations of $919.22 million. PACS Group’s revenue was up 29.1% compared to the same quarter last year. On average, analysts predict that PACS Group will post 1.03 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of PACS Group during the 3rd quarter valued at approximately $548,000. Ghisallo Capital Management LLC acquired a new stake in shares of PACS Group during the 2nd quarter valued at approximately $8,850,000. Point72 Asset Management L.P. acquired a new stake in shares of PACS Group during the 2nd quarter valued at approximately $6,677,000. Lighthouse Investment Partners LLC acquired a new stake in shares of PACS Group during the 2nd quarter valued at approximately $8,946,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of PACS Group during the 2nd quarter valued at approximately $302,000.

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.