Aveanna Healthcare (NASDAQ:AVAH) Sets New 12-Month High Following Analyst Upgrade

Key Points

• Aveanna Healthcare's stock reached a new 52-week high of $7.61 after a significant upgrade by Barclays, which raised its price target from $5.50 to $9.50.
• Multiple analysts have recently adjusted their ratings, with UBS upgrading to neutral and setting a new target of $8.00, while Truist Financial lowered its target from $6.00 to $5.00.
• Insiders sold a total of 2,295,145 shares worth nearly $12 million in the last 90 days, indicating potential shifts in ownership structures at Aveanna Healthcare.

Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday after Barclays upgraded the stock from an equal weight rating to an overweight rating. Barclays now has a $9.50 price target on the stock, up from their previous price target of $5.50. Aveanna Healthcare traded as high as $7.61 and last traded at $7.27, with a volume of 3007322 shares. The stock had previously closed at $7.04.

A number of other research firms have also recently commented on AVAH. Truist Financial reduced their price target on shares of Aveanna Healthcare from $6.00 to $5.00 and set a "hold" rating for the company in a report on Wednesday, July 16th. Wall Street Zen upgraded shares of Aveanna Healthcare from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. UBS Group upgraded shares of Aveanna Healthcare from a "sell" rating to a "neutral" rating and raised their price target for the stock from $6.75 to $8.00 in a report on Tuesday. Jefferies Financial Group upgraded shares of Aveanna Healthcare from a "hold" rating to a "buy" rating and reduced their price target for the stock from $6.25 to $6.00 in a report on Monday, July 21st. Finally, Raymond James Financial upgraded shares of Aveanna Healthcare from a "market perform" rating to an "outperform" rating and set a $9.00 price target for the company in a report on Monday, August 11th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Aveanna Healthcare currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.50.

Insider Activity at Aveanna Healthcare

In related news, major shareholder Paul R. Vigano sold 750,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $5.20, for a total transaction of $3,900,000.00. Following the transaction, the insider directly owned 28,890,756 shares of the company's stock, valued at $150,231,931.20. This trade represents a 2.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick A. Cunningham sold 18,500 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $4.93, for a total transaction of $91,205.00. Following the transaction, the insider directly owned 327,869 shares in the company, valued at $1,616,394.17. The trade was a 5.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,295,145 shares of company stock valued at $11,941,141 over the last three months. Insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Summit Partners L P bought a new position in shares of Aveanna Healthcare during the second quarter valued at about $50,477,000. First Eagle Investment Management LLC lifted its position in shares of Aveanna Healthcare by 12.1% during the second quarter. First Eagle Investment Management LLC now owns 810,667 shares of the company's stock valued at $4,240,000 after purchasing an additional 87,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Aveanna Healthcare by 103.9% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 664,890 shares of the company's stock valued at $3,477,000 after purchasing an additional 338,746 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Aveanna Healthcare by 50.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 533,196 shares of the company's stock worth $2,437,000 after acquiring an additional 177,856 shares during the period. Finally, Squarepoint Ops LLC raised its position in Aveanna Healthcare by 207.0% in the second quarter. Squarepoint Ops LLC now owns 479,977 shares of the company's stock worth $2,510,000 after acquiring an additional 323,656 shares during the period. 87.96% of the stock is owned by institutional investors.

Aveanna Healthcare Stock Up 6.1%

The firm has a market cap of $1.56 billion, a P/E ratio of 93.38 and a beta of 1.95. The firm's 50-day simple moving average is $4.92 and its 200 day simple moving average is $4.94.

About Aveanna Healthcare

Aveanna Healthcare Holdings Inc, a diversified home care platform company, provides pediatric and adult healthcare services in the United States. Its patient-centered care delivery platform allows patients to remain in their homes and minimizes the overutilization of high-cost care settings, such as hospitals or skilled nursing facilities.