Avanos Medical (NYSE:AVNS) Hits New 1-Year High - Here's Why

Key Points

• Avanos Medical shares hit a new 52-week high on Monday, trading as high as $24.87 and closing near that level at $24.8650.
• Recent analyst commentary has been mixed to bearish, with multiple firms downgrading the stock and MarketBeat showing a consensus rating of “Sell”.
• The company’s latest quarterly results beat expectations, posting $0.22 EPS versus $0.16 expected and $182.2 million in revenue, up 8.8% year over year.

Shares of Avanos Medical, Inc. (NYSE:AVNS - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $24.87 and last traded at $24.8650, with a volume of 31182 shares traded. The stock had previously closed at $24.80.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Weiss Ratings raised shares of Avanos Medical from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, April 22nd. Wall Street Zen downgraded shares of Avanos Medical from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, Zacks Research downgraded shares of Avanos Medical from a "hold" rating to a "strong sell" rating in a research report on Thursday. Two research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, Avanos Medical currently has a consensus rating of "Sell".

Avanos Medical Price Performance

The stock's 50-day moving average is $17.26 and its 200 day moving average is $14.02. The stock has a market capitalization of $1.16 billion, a PE ratio of -15.41 and a beta of 1.58. The company has a quick ratio of 1.40, a current ratio of 2.48 and a debt-to-equity ratio of 0.11.

Avanos Medical (NYSE:AVNS - Get Free Report) last announced its quarterly earnings data 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 negative net margin of 10.39% and a positive return on equity of 5.39%. The firm had revenue of $182.20 million for the quarter, compared to the consensus estimate of $170.00 million. During the same period in the previous year, the firm posted $0.26 earnings per share. The firm's revenue was up 8.8% on a year-over-year basis. As a group, equities analysts predict that Avanos Medical, Inc. will post 1.07 earnings per share for the current year.

Hedge Funds Weigh In On Avanos Medical

A number of institutional investors and hedge funds have recently bought and sold shares of AVNS. EverSource Wealth Advisors LLC grew its holdings in shares of Avanos Medical by 132.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,496 shares of the company's stock worth $28,000 after purchasing an additional 1,423 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Avanos Medical by 969.3% during the 2nd 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 in the last quarter. Versant Capital Management Inc lifted its position in Avanos Medical by 49.7% during the 3rd quarter. Versant Capital Management Inc now owns 2,692 shares of the company's stock worth $31,000 after buying an additional 894 shares in the last quarter. Wexford Capital LP acquired a new position in Avanos Medical during the 3rd quarter worth about $70,000. Finally, Tower Research Capital LLC TRC lifted its position in Avanos Medical by 433.0% during the 2nd 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 in the last quarter. Institutional investors 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.

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