PACS Group (NYSE:PACS) Shares Gap Up - Still a Buy?

Key Points

• PACS Group's stock price gapped up from $7.71 to $8.27 and last traded at $9.09, marking a notable increase of 26.6%.
• Several hedge funds significantly increased their stakes in PACS Group, with Two Sigma Investments LP boosting its ownership by 868.6%.
• The company's 50-day moving average stands at $11.61, indicating that the stock is currently trading below this average price.

PACS Group, Inc. (NYSE:PACS - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $7.71, but opened at $8.27. PACS Group shares last traded at $9.09, with a volume of 833,700 shares trading hands.

PACS Group Stock Performance

The business has a 50 day moving average price of $11.43 and a 200 day moving average price of $11.09.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. State of Wyoming bought a new position in shares of PACS Group during the fourth quarter valued at approximately $47,000. Jones Financial Companies Lllp purchased a new stake in shares of PACS Group in the first quarter valued at approximately $64,000. 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 purchasing an additional 4,581 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of PACS Group by 27.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,357 shares of the company's stock valued at $134,000 after purchasing an additional 2,199 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of PACS Group by 2,363.1% in the first quarter. GAMMA Investing LLC now owns 12,488 shares of the company's stock valued at $140,000 after purchasing an additional 11,981 shares during the period.

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.