Healthcare Services Group (NASDAQ:HCSG) Trading 13.6% Higher Following Earnings Beat

Shares of Healthcare Services Group, Inc. (NASDAQ:HCSG - Get Free Report) rose 13.6% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $15.38 and last traded at $14.82. Approximately 148,535 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 525,545 shares. The stock had previously closed at $13.05.

The business services provider reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. Healthcare Services Group had a return on equity of 11.74% and a net margin of 0.61%. The firm had revenue of $458.50 million during the quarter, compared to analyst estimates of $450.78 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company's revenue was up 7.6% compared to the same quarter last year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on HCSG shares. Macquarie boosted their target price on Healthcare Services Group from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Robert W. Baird upped their price target on Healthcare Services Group from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday. Benchmark upped their target price on Healthcare Services Group from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Thursday. Wall Street Zen lowered Healthcare Services Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, UBS Group raised Healthcare Services Group from a "neutral" rating to a "buy" rating and increased their target price for the stock from $12.00 to $15.00 in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Healthcare Services Group has an average rating of "Moderate Buy" and a consensus target price of $16.00.

Institutional Trading of Healthcare Services Group

Several hedge funds and other institutional investors have recently made changes to their positions in HCSG. Allspring Global Investments Holdings LLC raised its stake in shares of Healthcare Services Group by 49.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 248,860 shares of the business services provider's stock worth $3,740,000 after purchasing an additional 82,217 shares during the last quarter. CWM LLC grew its holdings in shares of Healthcare Services Group by 49.8% in the second quarter. CWM LLC now owns 24,634 shares of the business services provider's stock worth $370,000 after acquiring an additional 8,185 shares during the period. KLP Kapitalforvaltning AS grew its holdings in shares of Healthcare Services Group by 138.9% in the second quarter. KLP Kapitalforvaltning AS now owns 34,400 shares of the business services provider's stock worth $517,000 after acquiring an additional 20,000 shares during the period. USA Financial Formulas bought a new stake in shares of Healthcare Services Group in the second quarter worth $60,000. Finally, SummerHaven Investment Management LLC grew its holdings in shares of Healthcare Services Group by 2.0% in the second quarter. SummerHaven Investment Management LLC now owns 75,317 shares of the business services provider's stock worth $1,132,000 after acquiring an additional 1,476 shares during the period. Hedge funds and other institutional investors own 97.97% of the company's stock.

Healthcare Services Group Stock Down 2.9%

The company has a market cap of $966.18 million, a P/E ratio of 94.64 and a beta of 0.57. The company has a fifty day moving average of $14.28 and a 200 day moving average of $12.35.

Healthcare Services Group Company Profile

Healthcare Services Group, Inc provides management, administrative, and operating services to the housekeeping, laundry, linen, facility maintenance, and dietary service departments of nursing homes, retirement complexes, rehabilitation centers, and hospitals in the United States. It operates through two segments, Housekeeping and Dietary.