Healthcare Services Group (NASDAQ:HCSG) Shares Gap Down Following Weak Earnings

Healthcare Services Group, Inc. (NASDAQ:HCSG)’s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $10.91, but opened at $10.02. Healthcare Services Group shares last traded at $10.51, with a volume of 97,654 shares.

The business services provider reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.04). Healthcare Services Group had a net margin of 2.95% and a return on equity of 12.59%.

Analyst Upgrades and Downgrades

HCSG has been the topic of several research analyst reports. Robert W. Baird decreased their price target on shares of Healthcare Services Group from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Macquarie assumed coverage on Healthcare Services Group in a research note on Monday, December 16th. They set a “neutral” rating and a $13.00 price target on the stock. StockNews.com upgraded Healthcare Services Group from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Benchmark reissued a “buy” rating and set a $17.00 price objective on shares of Healthcare Services Group in a report on Thursday, December 19th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Healthcare Services Group has a consensus rating of “Moderate Buy” and an average target price of $13.80.

Hedge Funds Weigh In On Healthcare Services Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wealthfront Advisers LLC acquired a new position in Healthcare Services Group during the fourth quarter worth $166,278,000. Cerity Partners LLC bought a new stake in Healthcare Services Group during the third quarter worth about $9,166,000. Raymond James Financial Inc. acquired a new stake in shares of Healthcare Services Group during the fourth quarter worth approximately $5,909,000. Foundry Partners LLC raised its stake in shares of Healthcare Services Group by 86.5% in the third quarter. Foundry Partners LLC now owns 807,031 shares of the business services provider’s stock valued at $9,015,000 after acquiring an additional 374,301 shares during the last quarter. Finally, Royce & Associates LP grew its position in Healthcare Services Group by 7.0% during the 3rd quarter. Royce & Associates LP now owns 4,449,496 shares of the business services provider’s stock worth $49,701,000 after acquiring an additional 290,621 shares during the last quarter. Institutional investors own 97.97% of the company’s stock.

Healthcare Services Group Trading Down 1.7 %

The stock has a fifty day moving average of $11.60 and a two-hundred day moving average of $11.24. The stock has a market capitalization of $784.95 million, a price-to-earnings ratio of 15.52 and a beta of 0.56.

Healthcare Services Group Company Profile

Healthcare Services Group, Inc provides management, administrative, and operating services to the housekeeping, laundry, linen, facility maintenance, and dietary service departments of nursing homes, retirement complexes, rehabilitation centers, and hospitals in the United States. It operates through two segments, Housekeeping and Dietary.