Avanos Medical (NYSE:AVNS) Trading 0% Higher - Should You Buy?

Key Points

• Avanos Medical shares were essentially flat on Thursday, trading at about $24.93 with volume well below average.
• Analyst sentiment remains cautious, with recent rating changes leaving the stock at a consensus "Reduce" rating.
• Latest quarterly results beat expectations, as Avanos reported EPS of $0.22 versus $0.16 expected and revenue of $182.2 million, up 8.8% year over year.

Avanos Medical, Inc. (NYSE:AVNS - Get Free Report)'s share price was up 0% during mid-day trading on Thursday . The company traded as high as $24.94 and last traded at $24.9290. 285,312 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 893,350 shares. The stock had previously closed at $24.92.

Analyst Ratings Changes

Several equities analysts have recently commented on AVNS shares. Zacks Research raised shares of Avanos Medical from a "strong sell" rating to a "hold" rating in a research report on Friday, June 5th. Wall Street Zen cut Avanos Medical from a "buy" rating to a "hold" rating in a research note on Saturday, April 18th. Finally, Weiss Ratings upgraded Avanos Medical from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce".

Avanos Medical Trading Up 0.0%

The stock has a market cap of $1.17 billion, a P/E ratio of -15.48 and a beta of 1.57. The firm's 50 day simple moving average is $24.86 and its two-hundred day simple moving average is $18.25. 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 posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.22 earnings per share (EPS) for the quarter, topping 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 company had revenue of $182.20 million for the quarter, compared to the consensus estimate of $170.00 million. During the same period last year, the firm posted $0.26 EPS. The company's revenue for the quarter was up 8.8% on a year-over-year basis. As a group, equities research analysts predict that Avanos Medical, Inc. will post 1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avanos Medical

Several institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its holdings in shares of Avanos Medical by 46.4% in the 1st quarter. AQR Capital Management LLC now owns 192,864 shares of the company's stock worth $2,700,000 after purchasing an additional 61,095 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Avanos Medical by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,955 shares of the company's stock worth $386,000 after buying an additional 1,121 shares during the last quarter. Millennium Management LLC increased its position in Avanos Medical by 508.3% in the first quarter. Millennium Management LLC now owns 547,740 shares of the company's stock worth $7,849,000 after buying an additional 457,703 shares during the period. Empowered Funds LLC increased its position in Avanos Medical by 5.4% in the first quarter. Empowered Funds LLC now owns 162,182 shares of the company's stock worth $2,324,000 after buying an additional 8,348 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Avanos Medical by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 140,810 shares of the company's stock worth $2,018,000 after buying an additional 20,541 shares during the period. 95.17% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.