PACS Group, Inc.’s Lock-Up Period To Expire on October 8th (NYSE:PACS)

PACS Group’s (NYSE:PACS) lock-up period is set to expire on Tuesday, October 8th. PACS Group had issued 21,428,572 shares in its 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 end of PACS Group’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 recently commented on PACS. Macquarie initiated coverage on shares of PACS Group in a research note on Friday, June 28th. They set an “outperform” rating and a $35.00 price target on the stock. Truist Financial boosted their target price on PACS Group from $36.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Stephens lifted their price objective on PACS Group from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Citigroup began coverage on shares of PACS Group in a research note on Wednesday, September 11th. They set a “buy” rating and a $45.00 price target for the company. Finally, Oppenheimer raised their price objective on shares of PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $37.57.

PACS Group Price Performance

Shares of NYSE PACS opened at $38.50 on Friday. PACS Group has a twelve month low of $22.61 and a twelve month 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 stock’s fifty day moving average price is $38.33.

PACS Group (NYSE:PACS) last announced 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 business had revenue of $981.80 million during the quarter, compared to the consensus estimate of $919.22 million. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. Analysts expect that PACS Group will post 1.03 EPS for the current year.

Institutional Investors Weigh In On PACS Group

Large investors have recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in shares of PACS Group during the second quarter worth about $25,000. Sandia Investment Management LP bought a new stake in PACS Group in the 2nd quarter valued at approximately $295,000. The Manufacturers Life Insurance Company acquired a new position in PACS Group during the 2nd quarter worth approximately $302,000. SG Americas Securities LLC bought a new position in shares of PACS Group during the 3rd quarter worth approximately $548,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of PACS Group in the second quarter valued at approximately $552,000.

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.