Van Berkom & Associates Inc. Grows Stake in The Pennant Group, Inc. (NASDAQ:PNTG)

Key Points

• Van Berkom & Associates Inc. increased its stake in The Pennant Group by 29.6% during the first quarter, now holding approximately 8.21% of the company's shares valued at about $71.67 million.
• A variety of institutional investors are engaging with The Pennant Group, with total institutional ownership reaching 85.88% of the company's stock.
• Analysts' price targets for The Pennant Group range from $28 to $35, with an average rating of "Moderate Buy" and a target price of $33.80.

Van Berkom & Associates Inc. boosted its stake in shares of The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,849,562 shares of the company's stock after purchasing an additional 651,346 shares during the quarter. The Pennant Group makes up 2.3% of Van Berkom & Associates Inc.'s investment portfolio, making the stock its 21st biggest holding. Van Berkom & Associates Inc. owned approximately 8.21% of The Pennant Group worth $71,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. FMR LLC increased its holdings in The Pennant Group by 54.5% during the 4th quarter. FMR LLC now owns 3,906,327 shares of the company's stock worth $103,596,000 after purchasing an additional 1,377,815 shares during the period. 8 Knots Management LLC increased its holdings in shares of The Pennant Group by 1.5% in the 4th quarter. 8 Knots Management LLC now owns 2,432,710 shares of the company's stock valued at $64,515,000 after acquiring an additional 35,975 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of The Pennant Group by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 2,261,564 shares of the company's stock valued at $59,977,000 after acquiring an additional 223,919 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of The Pennant Group by 6.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 817,857 shares of the company's stock valued at $21,689,000 after acquiring an additional 50,502 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of The Pennant Group by 12.5% in the 4th quarter. Geode Capital Management LLC now owns 767,628 shares of the company's stock valued at $20,362,000 after acquiring an additional 85,496 shares during the last quarter. Hedge funds and other institutional investors own 85.88% of the company's stock.

The Pennant Group Stock Performance

Shares of NASDAQ:PNTG traded down $0.17 during trading on Wednesday, reaching $22.82. The company had a trading volume of 56,101 shares, compared to its average volume of 223,417. The Pennant Group, Inc. has a fifty-two week low of $21.18 and a fifty-two week high of $37.13. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.41 and a quick ratio of 1.41. The stock's fifty day moving average price is $26.88 and its 200 day moving average price is $26.25. The firm has a market capitalization of $786.43 million, a price-to-earnings ratio of 30.02, a price-to-earnings-growth ratio of 1.97 and a beta of 1.51.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNTG. Wells Fargo & Company increased their price objective on The Pennant Group from $30.00 to $31.00 and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. Truist Financial decreased their target price on The Pennant Group from $32.00 to $28.00 and set a "hold" rating for the company in a research report on Wednesday, July 16th. Finally, Stephens reissued an "overweight" rating and issued a $35.00 target price on shares of The Pennant Group in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, The Pennant Group has a consensus rating of "Moderate Buy" and an average price target of $33.80.

Insider Activity at The Pennant Group

In other news, Director Joanne Stringfield sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $29.47, for a total transaction of $147,350.00. Following the completion of the sale, the director owned 30,275 shares in the company, valued at $892,204.25. This represents a 14.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.40% of the stock is owned by company insiders.

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.