The Pennant Group (NASDAQ:PNTG) Trading Up 10% - Here's What Happened

Key Points

• The Pennant Group's stock increased by 10%, trading at $26.53 after closing at $24.12, with a trading volume that declined by 40% compared to its average.
• Brokerages have mixed outlooks for the company, with price targets ranging from $28.00 to $35.00 and a consensus target price of $33.80.
• Significant institutional involvement is noted, with 85.88% of the stock owned by institutional investors, indicating strong confidence in the company's prospects.

Shares of The Pennant Group, Inc. (NASDAQ:PNTG - Get Free Report) shot up 10% during trading on Friday . The company traded as high as $26.29 and last traded at $26.53. 139,523 shares were traded during trading, a decline of 40% from the average session volume of 232,531 shares. The stock had previously closed at $24.12.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PNTG. Stephens reissued an "overweight" rating and set a $35.00 price objective on shares of The Pennant Group in a research report on Tuesday, June 10th. 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. Finally, Truist Financial lowered their price objective on 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. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, The Pennant Group presently has an average rating of "Moderate Buy" and a consensus target price of $33.80.

The Pennant Group Stock Performance

The company has a market cap of $927.24 million, a PE ratio of 34.67, a PEG ratio of 1.89 and a beta of 1.48. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.81. The business's 50 day moving average is $26.10 and its two-hundred day moving average is $26.03.

Insider Activity at The Pennant Group

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey raised its position in shares of The Pennant Group by 13.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 7,922 shares of the company's stock valued at $236,000 after buying an additional 953 shares during the last quarter. Bailard Inc. purchased a new position in The Pennant Group during the second quarter valued at $260,000. Geode Capital Management LLC increased its holdings in The Pennant Group by 4.6% in the 2nd quarter. Geode Capital Management LLC now owns 832,481 shares of the company's stock valued at $24,853,000 after acquiring an additional 36,357 shares during the last quarter. ProShare Advisors LLC bought a new position in shares of The Pennant Group during the 2nd quarter valued at about $207,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of The Pennant Group during the 2nd quarter valued at about $1,325,000. 85.88% of the stock is currently owned by institutional investors.

The Pennant Group Company Profile

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.

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