Healthcare Services Group (NASDAQ:HCSG) Reaches New 52-Week High – Here’s Why

Shares of Healthcare Services Group, Inc. (NASDAQ:HCSG) hit a new 52-week high during trading on Monday . The stock traded as high as $20.26 and last traded at $20.1570, with a volume of 261436 shares trading hands. The stock had previously closed at $19.54.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. BMO Capital Markets began coverage on shares of Healthcare Services Group in a report on Thursday, November 13th. They set a “market perform” rating and a $20.00 price target on the stock. Macquarie reiterated a “buy” rating on shares of Healthcare Services Group in a research note on Wednesday, November 26th. UBS Group restated a “buy” rating on shares of Healthcare Services Group in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Healthcare Services Group in a research report on Monday, December 15th. Finally, Wall Street Zen cut shares of Healthcare Services Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 14th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Healthcare Services Group presently has a consensus rating of “Hold” and an average price target of $19.40.

Healthcare Services Group Stock Performance

The company’s 50-day moving average price is $18.10 and its 200 day moving average price is $16.05. The stock has a market cap of $1.40 billion, a PE ratio of 36.73 and a beta of 0.75.

Healthcare Services Group (NASDAQ:HCSG) last announced its earnings results on Wednesday, October 22nd. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. Healthcare Services Group had a net margin of 2.20% and a return on equity of 12.23%. The company had revenue of $464.34 million during the quarter, compared to analyst estimates of $460.36 million. During the same period in the previous year, the business posted $0.19 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Healthcare Services Group, Inc. will post 0.74 earnings per share for the current fiscal year.

Institutional Trading of Healthcare Services Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its position in shares of Healthcare Services Group by 163.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider’s stock valued at $33,000 after buying an additional 1,356 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Healthcare Services Group by 94.9% in the third quarter. GAMMA Investing LLC now owns 2,843 shares of the business services provider’s stock worth $48,000 after purchasing an additional 1,384 shares during the period. USA Financial Formulas purchased a new stake in shares of Healthcare Services Group in the second quarter worth $60,000. LSV Asset Management bought a new stake in shares of Healthcare Services Group during the 3rd quarter valued at $108,000. Finally, Martingale Asset Management L P bought a new stake in shares of Healthcare Services Group during the 1st quarter valued at $127,000. Hedge funds and other institutional investors own 97.97% of the company’s stock.

Healthcare Services Group Company Profile

Healthcare Services Group, Inc (NASDAQ: HCSG) is a leading provider of support services to healthcare facilities across the United States. The company specializes in environmental services, including housekeeping and sanitation, as well as linen and laundry management. In addition, Healthcare Services Group offers dietary and nutrition services, catering to hospitals, skilled nursing facilities, assisted living communities and other long-term care providers.

Founded as a family-owned business in the late 1970s, the company completed its initial public offering in 1997.