Adage Capital Partners GP L.L.C. Purchases Shares of 74,000 The Pennant Group, Inc. (NASDAQ:PNTG)

Adage Capital Partners GP L.L.C. bought a new stake in The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 74,000 shares of the company's stock, valued at approximately $1,962,000. Adage Capital Partners GP L.L.C. owned approximately 0.22% of The Pennant Group as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barclays PLC boosted its position in shares of The Pennant Group by 375.0% in the third quarter. Barclays PLC now owns 49,101 shares of the company's stock worth $1,753,000 after acquiring an additional 38,763 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of The Pennant Group in the 3rd quarter valued at $506,000. Franklin Resources Inc. grew its stake in shares of The Pennant Group by 26.6% during the 3rd quarter. Franklin Resources Inc. now owns 18,347 shares of the company's stock valued at $638,000 after buying an additional 3,859 shares during the period. Principal Financial Group Inc. raised its position in shares of The Pennant Group by 14.5% in the 3rd quarter. Principal Financial Group Inc. now owns 12,626 shares of the company's stock worth $451,000 after buying an additional 1,597 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in The Pennant Group by 68.4% in the third quarter. JPMorgan Chase & Co. now owns 205,922 shares of the company's stock valued at $7,351,000 after acquiring an additional 83,664 shares during the last quarter. 85.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial lowered their price target on The Pennant Group from $32.00 to $28.00 and set a "hold" rating for the company in a report on Friday, March 7th. Stephens restated an "overweight" rating and set a $38.00 price objective on shares of The Pennant Group in a research note on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, The Pennant Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.80.

The Pennant Group Stock Performance

Shares of PNTG stock traded up $1.27 during trading hours on Friday, reaching $26.69. The stock had a trading volume of 167,163 shares, compared to its average volume of 224,958. The Pennant Group, Inc. has a twelve month low of $20.78 and a twelve month high of $37.13. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $926.73 million, a PE ratio of 39.25, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. The firm has a 50-day simple moving average of $24.66 and a 200-day simple moving average of $27.65.

The Pennant Group Profile

The Pennant Group, Inc provides healthcare services in the United States. It operates in two segments, Home Health and Hospice Services, and Senior Living Services. The company offers home health services, including clinical services, such as nursing, speech, occupational and physical therapy, medical social work, and home health aide services; and hospice services comprising clinical care, education, and counseling services for the physical, spiritual, and psychosocial needs of terminally ill patients and their families.