The Pennant Group (NASDAQ:PNTG) Shares Down 4.7% - Here's Why

The Pennant Group, Inc. (NASDAQ:PNTG - Get Free Report) dropped 4.7% during trading on Wednesday . The stock traded as low as $26.00 and last traded at $25.76. Approximately 65,893 shares traded hands during trading, a decline of 72% from the average daily volume of 231,610 shares. The stock had previously closed at $27.02.

Analysts Set New Price Targets

PNTG has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on The Pennant Group from $30.00 to $31.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. Truist Financial lifted their price target on The Pennant Group from $28.00 to $32.00 and gave the stock a "hold" rating in a report on Monday, May 12th. Finally, Stephens reiterated an "overweight" rating and set a $35.00 price target on shares of The Pennant Group in a report on Tuesday, June 10th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $34.60.

The Pennant Group Stock Performance

The stock has a market capitalization of $906.39 million, a PE ratio of 34.60, a price-to-earnings-growth ratio of 2.24 and a beta of 1.51. The firm's fifty day moving average is $28.13 and its 200-day moving average is $26.54. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.81.

Insider Transactions at The Pennant Group

In other The Pennant Group news, Director Joanne Stringfield sold 5,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $29.47, for a total transaction of $147,350.00. Following the sale, the director directly owned 30,275 shares in the company, valued at $892,204.25. This represents a 14.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.40% of the stock is owned by company insiders.

Institutional Trading of The Pennant Group

A number of large investors have recently made changes to their positions in the company. Summit Investment Advisors Inc. increased its stake in shares of The Pennant Group by 20.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,414 shares of the company's stock worth $91,000 after buying an additional 575 shares during the period. Versor Investments LP increased its stake in shares of The Pennant Group by 6.2% during the first quarter. Versor Investments LP now owns 12,000 shares of the company's stock worth $302,000 after buying an additional 700 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of The Pennant Group by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,394 shares of the company's stock worth $488,000 after buying an additional 857 shares during the period. Corebridge Financial Inc. increased its stake in shares of The Pennant Group by 6.2% during the fourth quarter. Corebridge Financial Inc. now owns 16,227 shares of the company's stock worth $430,000 after buying an additional 954 shares during the period. Finally, NBC Securities Inc. purchased a new stake in shares of The Pennant Group during the first quarter worth approximately $25,000. 85.88% of the stock is currently owned by hedge funds and other institutional investors.

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.