The Pennant Group (NASDAQ:PNTG) Upgraded at Wall Street Zen

Key Points

• The Pennant Group's stock rating has been upgraded from a "hold" to a "buy" by analysts at Wall Street Zen.
• Wells Fargo raised its price target for Pennant Group shares from $30 to $31, while Stephens set an optimistic target price of $35.
• Recently, 84%+ of the company's stock is owned by institutional investors, highlighting strong interest from large financial entities.

The Pennant Group (NASDAQ:PNTG - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

Several other brokerages have also recently issued reports on PNTG. Wells Fargo & Company raised their price objective on The Pennant Group from $30.00 to $31.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. Truist Financial dropped their target price on The Pennant Group from $32.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Finally, 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.80.

The Pennant Group Stock Down 0.4%

The Pennant Group stock traded down $0.12 during midday trading on Friday, reaching $26.68. The company's stock had a trading volume of 59,327 shares, compared to its average volume of 240,411. The stock's 50-day simple moving average is $25.94 and its 200-day simple moving average is $26.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.21 and a quick ratio of 1.21. The Pennant Group has a 52-week low of $21.18 and a 52-week high of $37.13. The stock has a market capitalization of $922.06 million, a P/E ratio of 34.41, a PEG ratio of 2.22 and a beta of 1.48.

Insider Activity

In other news, Director Joanne Stringfield sold 5,000 shares of The Pennant Group stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $29.47, for a total value of $147,350.00. Following the sale, the director directly owned 30,275 shares of the company's stock, valued at $892,204.25. The trade was a 14.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On The Pennant Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its stake in The Pennant Group by 54.5% during the 4th quarter. FMR LLC now owns 3,906,327 shares of the company's stock worth $103,596,000 after purchasing an additional 1,377,815 shares in the last quarter. 8 Knots Management LLC grew its stake in The Pennant Group by 23.9% during the 1st quarter. 8 Knots Management LLC now owns 3,014,023 shares of the company's stock worth $75,803,000 after purchasing an additional 581,313 shares in the last quarter. Van Berkom & Associates Inc. boosted its position in shares of 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 acquiring an additional 651,346 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of The Pennant Group by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 2,261,564 shares of the company's stock worth $59,977,000 after acquiring an additional 223,919 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY boosted its position in shares of 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 in 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.