Wells Fargo & Company Cuts The Pennant Group (NASDAQ:PNTG) Price Target to $29.00

Key Points

• Wells Fargo & Company has lowered its price target for The Pennant Group from $31.00 to $29.00, indicating a potential upside of 12.73% from the current stock price.
• The Pennant Group has a consensus rating of "Moderate Buy", with two analysts rating it a hold and four giving it a buy rating, and an average target price of $33.40.
• Institutional investors own 85.88% of The Pennant Group's stock, with several firms significantly increasing their stakes in recent months.

The Pennant Group (NASDAQ:PNTG - Free Report) had its price target cut by Wells Fargo & Company from $31.00 to $29.00 in a report published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

PNTG has been the topic of a number of other research reports. Stephens reaffirmed an "overweight" rating and set a $35.00 target price on shares of The Pennant Group in a report on Tuesday, June 10th. Wall Street Zen raised shares of The Pennant Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Truist Financial decreased their target price on shares of The Pennant Group from $32.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, The Pennant Group has an average rating of "Moderate Buy" and a consensus target price of $33.40.

The Pennant Group Stock Performance

Shares of NASDAQ PNTG traded up $0.56 during midday trading on Thursday, hitting $25.26. The company's stock had a trading volume of 451,914 shares, compared to its average volume of 419,717. The stock has a fifty day moving average price of $25.70 and a 200 day moving average price of $25.96. The Pennant Group has a one year low of $21.18 and a one year high of $37.13. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $872.99 million, a price-to-earnings ratio of 32.38, a P/E/G ratio of 2.08 and a beta of 1.48.

Insider Activity at The Pennant Group

In other news, Director Joanne Stringfield sold 5,000 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $29.47, for a total value of $147,350.00. Following the completion of the sale, the director owned 30,275 shares of the company's stock, valued at approximately $892,204.25. This represents a 14.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.40% of the stock is owned by insiders.

Institutional Investors Weigh In On The Pennant Group

A number of institutional investors have recently made changes to their positions in PNTG. Ophir Asset Management Pty Ltd boosted its stake in shares of The Pennant Group by 403.9% in the 2nd quarter. Ophir Asset Management Pty Ltd now owns 1,048,759 shares of the company's stock valued at $31,305,000 after purchasing an additional 840,642 shares in the last quarter. Van Berkom & Associates Inc. boosted its stake in shares of The Pennant Group by 29.6% in the 1st quarter. Van Berkom & Associates Inc. now owns 2,849,562 shares of the company's stock valued at $71,666,000 after purchasing an additional 651,346 shares in the last quarter. 8 Knots Management LLC boosted its stake in shares of The Pennant Group by 23.9% in the 1st quarter. 8 Knots Management LLC now owns 3,014,023 shares of the company's stock valued at $75,803,000 after purchasing an additional 581,313 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of The Pennant Group in the 2nd quarter valued at $14,356,000. Finally, Nuveen LLC purchased a new stake in shares of The Pennant Group in the 1st quarter valued at $9,181,000. Hedge funds and other institutional investors own 85.88% of the company's stock.

About The Pennant Group

The Pennant Group, Inc provides healthcare services in the United States. It operates in two segments, Home Health and Hospice Services, and Senior Living Services. The company offers home health services, including clinical services, such as nursing, speech, occupational and physical therapy, medical social work, and home health aide services; and hospice services comprising clinical care, education, and counseling services for the physical, spiritual, and psychosocial needs of terminally ill patients and their families.