PACS Group, Inc.’s Lock-Up Period Set To End 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 IPO 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 the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Analysts Set New Price Targets

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

PACS Group Price Performance

Shares of NYSE:PACS opened at $38.50 on Friday. The stock’s 50 day moving average price is $38.33. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.82. PACS Group has a 1-year low of $22.61 and a 1-year high of $42.25.

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 for the quarter, compared to analysts’ expectations of $919.22 million. The business’s revenue for the quarter was up 29.1% on a year-over-year basis. As a group, analysts anticipate that PACS Group will post 1.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new position in shares of PACS Group during the second quarter valued at $25,000. Sandia Investment Management LP acquired a new stake in shares of PACS Group during the 2nd quarter worth about $295,000. The Manufacturers Life Insurance Company bought a new position in PACS Group during the 2nd quarter valued at about $302,000. SG Americas Securities LLC acquired a new position in PACS Group in the third quarter valued at about $548,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in PACS Group in the second quarter valued at about $552,000.

PACS Group Company 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.