GEN - Why Healthcare Services Group Stock Fell Sick Today
Shares of Healthcare Services Group (NASDAQ: HCSG) were feeling under the weather today, closing down 17% after the stock received a downgrade from Wall Street. Credit Suisse cut its rating from outperform to neutral.
Analyst A.J. Rice also assigned a $31 share-price target on the company, which provides, uh, healthcare services. Genesis Healthcare (NYSE: GEN) is Healthcare Services Group's largest customer and reported second-quarter results yesterday. Genesis warned that it is facing a cash crunch due to the COVID-19 pandemic and that a recent assessment of its liquidity "raise[s] substantial doubt about its ability to continue as a going concern within one year after the date the financial statements are issued."
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