PACS Group (NYSE:PACS) Shares Gap Up - Should You 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 - )'s stock price gapped up prior to trading 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 traded.

PACS Group Stock Up 26.6%

The business's 50 day moving average is $11.61 and its 200-day moving average is $11.18.

Hedge Funds Weigh In On PACS Group

Several large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in PACS Group by 16.3% during the fourth quarter. Wellington Management Group LLP now owns 6,254,909 shares of the company's stock worth $82,002,000 after purchasing an additional 878,358 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in PACS Group by 120.4% during the second quarter. Ameriprise Financial Inc. now owns 1,129,612 shares of the company's stock worth $14,595,000 after purchasing an additional 617,124 shares during the last quarter. Geode Capital Management LLC lifted its stake in PACS Group by 11.5% during the second quarter. Geode Capital Management LLC now owns 952,358 shares of the company's stock worth $12,306,000 after purchasing an additional 98,277 shares during the last quarter. Millennium Management LLC lifted its stake in PACS Group by 68.3% during the first quarter. Millennium Management LLC now owns 859,295 shares of the company's stock worth $9,658,000 after purchasing an additional 348,743 shares during the last quarter. Finally, Two Sigma Investments LP lifted its stake in PACS Group by 868.6% during the fourth quarter. Two Sigma Investments LP now owns 759,534 shares of the company's stock worth $9,957,000 after purchasing an additional 681,116 shares during the last quarter.

About PACS Group

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.

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