Pennant Group bounces back after equity raise
Changes headline, updates stock activity, adds context
** Pennant Group's PNTG.O shares last up 4.8% at $34.03 on Thurs after healthcare services firm raises equity
** PNTG on track to snap 2-session losing streak
** Home health, hospice and senior living operator late Weds announced 3.5 mln share offering priced at $31 for $108.5 mln gross proceeds
** Shares on Tues lost ~8% and on Weds lost another 1.4% to close at $32.47
** Co intends to use net proceeds to repay debt under its revolver and for general purposes
** Offering size represents nearly 12% of total shares outstanding
** Citigroup and Truist lead bookrunners, joined by Wells Fargo and RBC
** In Aug, Pennant posted Q2 top and bottom line beat, per LSEG, as rev grew ~28% y/y to ~$169 mln
** It also boosted annual guidance, saying expects rev of $654-$694.5 mln and adj EPS of 89-95 cents
** Co in Aug completed first part of an acquisition of Washington and Idaho assets from privately-owned Signature Health at Home
** With move on the session, PNTG up ~145% YTD. Stock closed at $10.92 a yr ago
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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