Renaissance Technologies LLC Invests $1.20 Million in PACS Group, Inc. (NYSE:PACS)

Renaissance Technologies LLC purchased a new position in shares of PACS Group, Inc. (NYSE:PACS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 40,500 shares of the company’s stock, valued at approximately $1,195,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Caas Capital Management LP acquired a new stake in shares of PACS Group during the 2nd quarter worth about $1,386,000. Bank of New York Mellon Corp bought a new stake in shares of PACS Group in the second quarter worth $2,445,000. Allspring Global Investments Holdings LLC bought a new stake in shares of PACS Group in the second quarter worth $7,513,000. Rhumbline Advisers bought a new stake in shares of PACS Group in the second quarter worth $870,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in PACS Group during the second quarter valued at $552,000.

PACS Group Price Performance

PACS opened at $38.50 on Friday. PACS Group, Inc. has a 1-year low of $22.61 and a 1-year high of $42.25. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.71 and a quick ratio of 1.71. The company has a 50 day simple moving average of $38.33.

PACS Group (NYSE:PACS) last released its quarterly earnings data 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 analysts’ expectations of $919.22 million. PACS Group’s revenue for the quarter was up 29.1% compared to the same quarter last year. Equities research analysts predict that PACS Group, Inc. will post 1.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PACS has been the subject of several recent research reports. Oppenheimer boosted their target price 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. Truist Financial upped their price objective on shares of PACS Group from $36.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Citigroup initiated coverage on shares of PACS Group in a report on Wednesday, September 11th. They issued a “buy” rating and a $45.00 price objective for the company. Stephens upped their price target 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 assumed coverage on shares of PACS Group in a report on Friday, June 28th. They issued an “outperform” rating and a $35.00 price target for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $37.57.

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.