AVANOS MEDICAL (NYSE:AVNS) Sees Large Volume Increase - Time to Buy?

Key Points

• Avanos Medical (NYSE:AVNS) experienced a significant increase in trading volume, with approximately 2.2 million shares traded, up 318% from the previous session.
• Analysts have downgraded Avanos Medical's rating from "strong-buy" to "buy" following recent financial results where it missed EPS estimates.
• Large investors hold 95.17% of Avanos Medical's stock, with notable purchases from firms like Armistice Capital and T. Rowe Price in the first quarter.

Shares of AVANOS MEDICAL, INC. (NYSE:AVNS - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 2,223,483 shares changed hands during trading, an increase of 318% from the previous session's volume of 531,352 shares.The stock last traded at $10.82 and had previously closed at $10.79.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AVNS. Wall Street Zen cut AVANOS MEDICAL from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Zacks Research raised shares of AVANOS MEDICAL to a "hold" rating in a research report on Tuesday, August 12th.

AVANOS MEDICAL Trading Up 1.1%

The company has a quick ratio of 1.58, a current ratio of 2.64 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $525.25 million, a P/E ratio of -1.12 and a beta of 1.12. The business has a fifty day moving average price of $11.77 and a 200 day moving average price of $13.17.

AVANOS MEDICAL (NYSE:AVNS - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.01). AVANOS MEDICAL had a positive return on equity of 6.16% and a negative net margin of 66.89%. The firm had revenue of $175.00 million for the quarter, compared to analyst estimates of $165.50 million. During the same period last year, the company earned $0.34 EPS. On average, analysts expect that AVANOS MEDICAL, INC. will post 1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at AVANOS MEDICAL

In related news, Director Gary Blackford purchased 40,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $10.99 per share, with a total value of $439,600.00. Following the transaction, the director directly owned 40,000 shares of the company's stock, valued at $439,600. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.64% of the stock is owned by insiders.

Institutional Trading of AVANOS MEDICAL

A number of large investors have recently added to or reduced their stakes in AVNS. LPL Financial LLC increased its holdings in shares of AVANOS MEDICAL by 25.5% during the 4th quarter. LPL Financial LLC now owns 20,552 shares of the company's stock worth $327,000 after acquiring an additional 4,176 shares during the last quarter. JPMorgan Chase & Co. lifted its position in AVANOS MEDICAL by 189.8% during the fourth quarter. JPMorgan Chase & Co. now owns 201,634 shares of the company's stock worth $3,210,000 after acquiring an additional 132,063 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of AVANOS MEDICAL by 19.2% during the fourth quarter. Wells Fargo & Company MN now owns 104,830 shares of the company's stock worth $1,669,000 after acquiring an additional 16,868 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of AVANOS MEDICAL by 15.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 128,567 shares of the company's stock worth $2,047,000 after purchasing an additional 17,504 shares during the period. Finally, Invesco Ltd. lifted its holdings in AVANOS MEDICAL by 28.8% during the 4th quarter. Invesco Ltd. now owns 363,738 shares of the company's stock worth $5,791,000 after purchasing an additional 81,275 shares during the last quarter. Institutional investors and hedge funds own 95.17% of the company's stock.

AVANOS MEDICAL Company Profile

Avanos Medical, Inc, a medical technology company, offers medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that include digestive health products, such as Mic-Key enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions.