610,070 Shares in PACS Group, Inc. $PACS Purchased by 8 Knots Management LLC

8 Knots Management LLC acquired a new position in shares of PACS Group, Inc. (NYSE:PACS) in the fourth quarter, HoldingsChannel reports. The firm acquired 610,070 shares of the company’s stock, valued at approximately $23,421,000. PACS Group accounts for approximately 2.7% of 8 Knots Management LLC’s holdings, making the stock its 10th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Hollencrest Capital Management purchased a new stake in PACS Group in the 4th quarter valued at about $27,000. Larson Financial Group LLC grew its holdings in PACS Group by 127.0% in the 4th quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $42,000 after buying an additional 612 shares during the period. Physician Wealth Advisors Inc. purchased a new stake in PACS Group in the 4th quarter valued at about $74,000. Quarry LP grew its holdings in PACS Group by 79.5% in the 3rd quarter. Quarry LP now owns 2,388 shares of the company’s stock valued at $33,000 after buying an additional 1,058 shares during the period. Finally, Strategic Advocates LLC purchased a new stake in PACS Group in the 3rd quarter valued at about $60,000.

Analyst Ratings Changes

PACS has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of PACS Group in a report on Friday, March 27th. Oppenheimer lifted their price target on PACS Group from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Wall Street Zen cut PACS Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 7th. Royal Bank Of Canada lifted their price target on PACS Group from $47.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Finally, UBS Group lifted their price target on PACS Group from $42.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, PACS Group currently has an average rating of “Moderate Buy” and an average target price of $48.00.

PACS Group Stock Performance

NYSE PACS opened at $36.39 on Friday. The firm has a market capitalization of $5.76 billion and a P/E ratio of 23.33. PACS Group, Inc. has a 1-year low of $7.50 and a 1-year high of $43.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.99. The business’s 50-day simple moving average is $35.58 and its 200-day simple moving average is $35.83.

PACS Group (NYSE:PACS) last released its quarterly earnings data on Monday, May 11th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.36 billion. PACS Group had a return on equity of 26.47% and a net margin of 4.49%. Equities analysts predict that PACS Group, Inc. will post 2.19 EPS for the current year.

Insider Buying and Selling at PACS Group

In other news, insider John Todd Mitchell sold 52,763 shares of PACS Group stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $38.02, for a total value of $2,006,049.26. Following the transaction, the insider directly owned 830,955 shares of the company’s stock, valued at $31,592,909.10. The trade was a 5.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 70.10% of the stock is owned by corporate insiders.

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.