BrightSpring Health Services (NASDAQ:BTSG) Shares Cross Above 50 Day Moving Average - What's Next?

Key Points

• BrightSpring Health Services shares rose above their 50-day moving average, reaching $61.96 before trading at $60.22 on volume of nearly 4 million shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $72.88; Raymond James set an $80 target, while Bank of America raised its target to $77.
• The company exceeded quarterly expectations, reporting $0.45 in adjusted earnings per share versus a $0.40 consensus estimate and $3.87 billion in revenue, up 23% year over year.

BrightSpring Health Services, Inc. (NASDAQ:BTSG - Get Free Report) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $59.79 and traded as high as $61.96. BrightSpring Health Services shares last traded at $60.22, with a volume of 3,983,560 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BTSG shares. KeyCorp reaffirmed an "overweight" rating on shares of BrightSpring Health Services in a research report on Monday, August 3rd. Wall Street Zen cut shares of BrightSpring Health Services from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 23rd. Raymond James Financial initiated coverage on BrightSpring Health Services in a research note on Thursday, July 9th. They issued an "outperform" rating and a $80.00 target price for the company. Zacks Research lowered BrightSpring Health Services from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Finally, Bank of America upped their target price on BrightSpring Health Services from $66.00 to $77.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $72.88.

BrightSpring Health Services Price Performance

The company has a market capitalization of $11.92 billion, a P/E ratio of 36.28, a PEG ratio of 0.77 and a beta of 1.87. The company has a quick ratio of 1.22, a current ratio of 1.59 and a debt-to-equity ratio of 1.06. The business has a 50 day simple moving average of $59.79 and a 200-day simple moving average of $54.40.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.40 by $0.05. BrightSpring Health Services had a net margin of 2.55% and a return on equity of 16.73%. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The company's quarterly revenue was up 23.0% on a year-over-year basis. Analysts predict that BrightSpring Health Services, Inc. will post 1.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. acquired a new position in shares of BrightSpring Health Services in the second quarter valued at $22,054,000. Bank of America Corp DE lifted its position in BrightSpring Health Services by 48.7% in the first quarter. Bank of America Corp DE now owns 1,534,154 shares of the company's stock worth $65,370,000 after purchasing an additional 502,786 shares during the period. Ausbil Investment Management Ltd bought a new position in BrightSpring Health Services in the second quarter worth $2,005,000. Wealthstar Advisors LLC acquired a new stake in BrightSpring Health Services during the first quarter worth $1,525,000. Finally, Bellars Harris Wealth Management LLC acquired a new stake in BrightSpring Health Services during the second quarter worth $4,394,000.

BrightSpring Health Services Company Profile

BrightSpring Health Services NASDAQ: BTSG is a Louisville, Kentucky-based provider of home- and community-based health services and pharmacy services. The company focuses on supporting individuals with complex or chronic care needs, including older adults and people with disabilities, through care delivered in homes, communities and other non-hospital settings.

Its services include home health, hospice, personal care, behavioral health, primary care, rehabilitation and community living programs.

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