8 Knots Management LLC Acquires 581,313 Shares of The Pennant Group, Inc. $PNTG

Key Points

• 8 Knots Management LLC increased its holdings in The Pennant Group by 23.9%, now owning approximately 3 million shares valued at about $75.80 million, making it the firm's 4th largest holding.
• The Pennant Group's share price has decreased by 1.2%, with current trading around $24.01 and a 1-year price range of $21.18 to $37.13.
• Five analysts rated The Pennant Group stock, leading to a consensus rating of "Moderate Buy" and a target price of $33.40, despite some downgrades from major financial institutions like Wells Fargo and Truist.

8 Knots Management LLC lifted its stake in The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) by 23.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,014,023 shares of the company's stock after buying an additional 581,313 shares during the quarter. The Pennant Group comprises 9.6% of 8 Knots Management LLC's portfolio, making the stock its 4th biggest holding. 8 Knots Management LLC owned 8.74% of The Pennant Group worth $75,803,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PNTG. Two Sigma Advisers LP boosted its stake in The Pennant Group by 144.8% during the fourth quarter. Two Sigma Advisers LP now owns 131,700 shares of the company's stock valued at $3,493,000 after buying an additional 77,900 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of The Pennant Group by 56.9% during the 1st quarter. SG Americas Securities LLC now owns 23,413 shares of the company's stock worth $589,000 after acquiring an additional 8,490 shares during the last quarter. GAMMA Investing LLC increased its holdings in The Pennant Group by 7,124.5% during the 1st quarter. GAMMA Investing LLC now owns 7,947 shares of the company's stock worth $200,000 after purchasing an additional 7,837 shares during the period. Millennium Management LLC increased its holdings in The Pennant Group by 1,274.9% during the 4th quarter. Millennium Management LLC now owns 181,767 shares of the company's stock worth $4,820,000 after purchasing an additional 168,547 shares during the period. Finally, Rhumbline Advisers increased its holdings in The Pennant Group by 8.6% during the 1st quarter. Rhumbline Advisers now owns 47,423 shares of the company's stock worth $1,193,000 after purchasing an additional 3,750 shares during the period. Hedge funds and other institutional investors own 85.88% of the company's stock.

The Pennant Group Trading Up 0.9%

Shares of PNTG traded up $0.21 during midday trading on Friday, hitting $24.29. 246,192 shares of the stock were exchanged, compared to its average volume of 413,350. The firm has a market cap of $839.46 million, a P/E ratio of 31.14, a P/E/G ratio of 1.98 and a beta of 1.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.21 and a current ratio of 1.21. The Pennant Group, Inc. has a 52-week low of $21.18 and a 52-week high of $37.13. The stock has a fifty day simple moving average of $24.54 and a 200 day simple moving average of $25.73.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Truist Financial cut their price target on The Pennant Group from $32.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Wells Fargo & Company lowered their price target on The Pennant Group from $31.00 to $29.00 and set an "equal weight" rating for the company in a research report on Thursday, August 14th. Stephens reiterated an "overweight" rating and issued a $40.00 price objective on shares of The Pennant Group in a research note on Thursday. Finally, Wall Street Zen downgraded shares of The Pennant Group from a "buy" rating to a "hold" rating in a report on Friday. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.40.

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.