Wells Fargo & Company Has Lowered Expectations for The Pennant Group (NASDAQ:PNTG) Stock Price

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 target price reduced by Wells Fargo & Company from $31.00 to $29.00 in a research note issued to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other equities analysts have also commented on PNTG. Stephens reiterated an "overweight" rating and issued a $35.00 price target on shares of The Pennant Group in a research note on Tuesday, June 10th. Wall Street Zen raised shares of The Pennant Group from a "hold" rating to a "buy" rating in a research note 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 research report on Wednesday, July 16th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, The Pennant Group presently has a consensus rating of "Moderate Buy" and an average target price of $33.40.

The Pennant Group Stock Down 0.5%

PNTG stock traded down $0.1260 during mid-day trading on Thursday, reaching $24.9840. The company had a trading volume of 242,236 shares, compared to its average volume of 247,383. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.21 and a current ratio of 1.21. The Pennant Group has a fifty-two week low of $21.18 and a fifty-two week high of $37.13. The company has a market capitalization of $863.45 million, a price-to-earnings ratio of 32.09, a price-to-earnings-growth ratio of 2.08 and a beta of 1.48. The firm has a fifty day simple moving average of $25.63 and a 200 day simple moving average of $25.94.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. 8 Knots Management LLC increased its holdings in The Pennant Group by 23.9% in the first quarter. 8 Knots Management LLC now owns 3,014,023 shares of the company's stock worth $75,803,000 after buying an additional 581,313 shares during the last quarter. Van Berkom & Associates Inc. lifted its position in The Pennant Group by 29.6% during the 1st quarter. Van Berkom & Associates Inc. now owns 2,849,562 shares of the company's stock worth $71,666,000 after buying an additional 651,346 shares in the last quarter. Ophir Asset Management Pty Ltd raised its position in shares of The Pennant Group by 403.9% during the second quarter. Ophir Asset Management Pty Ltd now owns 1,048,759 shares of the company's stock worth $31,305,000 after acquiring an additional 840,642 shares during the last quarter. Paradigm Capital Management Inc. NY grew its holdings in The Pennant Group by 1.7% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 955,000 shares of the company's stock worth $24,018,000 after acquiring an additional 16,000 shares during the period. Finally, Geode Capital Management LLC boosted its stake in The Pennant Group by 4.6% during the 2nd quarter. Geode Capital Management LLC now owns 832,481 shares of the company's stock worth $24,853,000 after acquiring an additional 36,357 shares during the last quarter. 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.