PACS Group (NYSE:PACS) Hits New 52-Week Low - Here's Why

Key Points

• PACS Group shares reached a new 52-week low of $7.90, down from a previous close of $11.32, indicating a significant decline in stock value during trading.
• Several hedge funds have recently increased their stakes in PACS Group, with Wellington Management Group boosting its investment by 16.3% and Janus Henderson Group increasing its stake by over 4,211.6% in the fourth quarter.
• The company's core operations include managing skilled nursing and assisted living facilities, showcasing its focus on the healthcare sector since its establishment in 2013.

PACS Group, Inc. (NYSE:PACS - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $8.00 and last traded at $7.90, with a volume of 1102869 shares trading hands. The stock had previously closed at $11.32.

PACS Group Stock Up 1.9%

The firm's fifty day moving average price is $11.47 and its 200-day moving average price is $11.12.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State of Wyoming boosted its holdings in shares of PACS Group by 33.0% in the second quarter. State of Wyoming now owns 16,548 shares of the company's stock valued at $214,000 after acquiring an additional 4,103 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of PACS Group by 289.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,166 shares of the company's stock valued at $80,000 after acquiring an additional 4,581 shares in the last quarter. Corient Private Wealth LLC bought a new position in shares of PACS Group in the second quarter valued at approximately $533,000. Brevan Howard Capital Management LP bought a new position in shares of PACS Group in the second quarter valued at approximately $177,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of PACS Group by 120.4% in the second quarter. Ameriprise Financial Inc. now owns 1,129,612 shares of the company's stock valued at $14,595,000 after acquiring an additional 617,124 shares in the last quarter.

PACS Group Company Profile

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.