Avanos Medical (NYSE:AVNS) Sees Strong Trading Volume – What’s Next?

Shares of Avanos Medical, Inc. (NYSE:AVNS) saw unusually-strong trading volume on Friday . Approximately 2,564,317 shares were traded during mid-day trading, an increase of 141% from the previous session’s volume of 1,064,897 shares.The stock last traded at $24.6550 and had previously closed at $24.70.

Wall Street Analyst Weigh In

AVNS has been the topic of several analyst reports. Wall Street Zen lowered shares of Avanos Medical from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Zacks Research downgraded Avanos Medical from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings raised Avanos Medical from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Sell rating, According to MarketBeat, Avanos Medical presently has an average rating of “Sell”.

Avanos Medical Trading Down 0.2%

The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -15.31 and a beta of 1.58. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.40 and a current ratio of 2.48. The company has a 50 day moving average of $19.45 and a 200 day moving average of $14.94.

Avanos Medical (NYSE:AVNS) last announced its earnings results on Tuesday, May 5th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. Avanos Medical had a positive return on equity of 5.39% and a negative net margin of 10.39%.The company had revenue of $182.20 million during the quarter, compared to analysts’ expectations of $170.00 million. During the same period last year, the business posted $0.26 EPS. Avanos Medical’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, research analysts predict that Avanos Medical, Inc. will post 1.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Avanos Medical

A number of hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its position in Avanos Medical by 132.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,496 shares of the company’s stock worth $28,000 after buying an additional 1,423 shares during the period. Russell Investments Group Ltd. increased its position in Avanos Medical by 969.3% during the second quarter. Russell Investments Group Ltd. now owns 2,545 shares of the company’s stock worth $31,000 after buying an additional 2,307 shares during the period. Wexford Capital LP acquired a new position in Avanos Medical during the third quarter worth approximately $70,000. Tower Research Capital LLC TRC increased its position in Avanos Medical by 433.0% during the second quarter. Tower Research Capital LLC TRC now owns 6,257 shares of the company’s stock worth $77,000 after buying an additional 5,083 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of Avanos Medical by 15.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,317 shares of the company’s stock valued at $89,000 after purchasing an additional 846 shares during the last quarter. Institutional investors and hedge funds own 95.17% of the company’s stock.

About Avanos Medical

Avanos Medical is a global medical technology company that develops and markets a broad portfolio of medical devices intended to improve patient outcomes in hospital, outpatient and post-acute care settings. The company’s products focus on three core therapy areas—pain management, enteral feeding and respiratory care—designed to help clinicians manage post-operative pain, deliver nutrition support and assist breathing for patients across a variety of acute and chronic conditions.

In its pain management segment, Avanos offers both non-opioid drug delivery systems and cryoanalgesia devices, including ambulatory infusion pumps and cooled radiofrequency ablation platforms.