PACS Group (NYSE:PACS) Issues Quarterly Earnings Results

PACS Group (NYSE:PACS) released its earnings results on Monday. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.42), Briefing.com reports. The firm had revenue of $981.80 million for the quarter, compared to analysts’ expectations of $919.22 million. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. PACS Group updated its FY 2024 guidance to EPS.

PACS Group Price Performance

NYSE:PACS traded down $0.33 during mid-day trading on Wednesday, hitting $38.10. 7,767 shares of the stock traded hands, compared to its average volume of 468,254. The firm’s 50-day moving average is $31.59. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 5.75. PACS Group has a 12-month low of $22.61 and a 12-month high of $38.82.

Analysts Set New Price Targets

Several brokerages have weighed in on PACS. Truist Financial increased their price objective on PACS Group from $32.00 to $36.00 and gave the company a “buy” rating in a report on Monday, July 15th. Citigroup boosted their price objective on PACS Group from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday. Macquarie initiated coverage on shares of PACS Group in a research note on Friday, June 28th. They issued an “outperform” rating and a $35.00 target price for the company. Stephens boosted their price target on shares of PACS Group from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. initiated coverage on shares of PACS Group in a report on Monday, May 6th. They issued an “overweight” rating and a $27.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $35.86.

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.