Aveanna Healthcare (NASDAQ:AVAH) Reaches New 52-Week High Following Strong Earnings

Shares of Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH) hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $10.48 and last traded at $10.5660, with a volume of 842722 shares traded. The stock had previously closed at $9.05.

The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $670.48 million during the quarter, compared to the consensus estimate of $638.61 million. Aveanna Healthcare had a return on equity of 124.68% and a net margin of 10.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Stephens upgraded shares of Aveanna Healthcare from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $10.00 to $11.00 in a research report on Friday, May 15th. Barclays increased their price objective on shares of Aveanna Healthcare from $9.00 to $9.50 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Aveanna Healthcare in a report on Thursday, July 2nd. Truist Financial boosted their target price on Aveanna Healthcare from $9.00 to $11.00 and gave the company a “hold” rating in a research report on Tuesday, July 14th. Finally, Royal Bank Of Canada upgraded Aveanna Healthcare from a “sector perform” rating to an “outperform” rating and set a $10.00 price target on the stock in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Aveanna Healthcare presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.78.

Insider Buying and Selling

In related news, major shareholder Robert M. Williams, Jr. sold 7,000,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.24, for a total transaction of $43,680,000.00. Following the completion of the transaction, the insider directly owned 252,899 shares of the company’s stock, valued at $1,578,089.76. The trade was a 96.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Paul R. Vigano sold 7,000,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $6.24, for a total value of $43,680,000.00. Following the sale, the insider owned 252,899 shares in the company, valued at approximately $1,578,089.76. This trade represents a 96.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 31,305,664 shares of company stock valued at $215,555,910. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its position in shares of Aveanna Healthcare by 252.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,351 shares of the company’s stock valued at $27,000 after purchasing an additional 2,400 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Aveanna Healthcare during the 2nd quarter worth $43,000. Summit Securities Group LLC purchased a new stake in shares of Aveanna Healthcare during the 1st quarter worth $53,000. Oxford Asset Management LLP acquired a new position in shares of Aveanna Healthcare during the second quarter worth $64,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in Aveanna Healthcare in the second quarter valued at $69,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Aveanna Healthcare Stock Performance

The company has a debt-to-equity ratio of 5.35, a current ratio of 1.47 and a quick ratio of 1.47. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 9.11, a PEG ratio of 0.89 and a beta of 1.90. The stock has a 50 day simple moving average of $8.77 and a two-hundred day simple moving average of $7.71.

Aveanna Healthcare Company Profile

Aveanna Healthcare, Inc (NASDAQ: AVAH) is a national provider of in-home health care services, specializing in pediatric skilled nursing, therapy, and related support for medically complex and chronically ill children. The company delivers a range of clinical and therapeutic solutions designed to enable patients to receive care in the comfort of their own homes, reducing the need for hospital stays and long-term institutional care. Aveanna’s offerings include registered nursing, physical, occupational and speech therapy, behavioral health counseling, and durable medical equipment coordination.

In addition to pediatric home health services, Aveanna operates adult home health and personal care support programs, assisting elderly and disabled adults with daily living activities, medication management, and rehabilitation therapies.