Bank of America Corp DE Boosts Stake in Aveanna Healthcare Holdings Inc. $AVAH

Key Points

• Bank of America increased its Aveanna Healthcare stake by 64.2% in the first quarter to 402,510 shares valued at approximately $2.6 million. Institutional investors collectively own 87.96% of the company.
• Major shareholders sold significant positions, including 14.5 million shares by Robert M. Williams Jr. and 12.5 million shares by J.H. Whitney Equity Partners V, while insiders sold nearly $773.1 million of stock during the last quarter.
• Aveanna reported quarterly earnings of $0.22 per share and revenue of $670.5 million, exceeding analyst expectations. Analysts maintain a consensus “Moderate Buy” rating with a $13.50 price target, compared with the stock’s opening price of $13.42.

Bank of America Corp DE lifted its stake in shares of Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH - Free Report) by 64.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 402,510 shares of the company's stock after acquiring an additional 157,368 shares during the period. Bank of America Corp DE owned approximately 0.18% of Aveanna Healthcare worth $2,592,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd increased its stake in Aveanna Healthcare by 8.9% in the third quarter. Dynamic Technology Lab Private Ltd now owns 14,149 shares of the company's stock valued at $126,000 after acquiring an additional 1,151 shares during the last quarter. Barclays PLC lifted its stake in Aveanna Healthcare by 0.8% during the third quarter. Barclays PLC now owns 179,359 shares of the company's stock worth $1,591,000 after purchasing an additional 1,366 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Aveanna Healthcare by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 35,630 shares of the company's stock worth $316,000 after purchasing an additional 1,528 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Aveanna Healthcare by 9.8% in the 4th quarter. Intech Investment Management LLC now owns 19,483 shares of the company's stock worth $159,000 after purchasing an additional 1,739 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Aveanna Healthcare by 252.4% during 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. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Aveanna Healthcare

In other news, major shareholder Robert M. Williams, Jr. sold 14,500,002 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $11.50, for a total value of $166,750,023.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder J.H. Whitney Equity Partners V sold 12,496,077 shares of the company's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $11.50, for a total value of $143,704,885.50. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 79,746,745 shares of company stock valued at $773,117,091. Corporate insiders own 5.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AVAH shares. Stephens raised Aveanna Healthcare from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $10.00 to $11.00 in a research note on Friday, May 15th. UBS Group lifted their price target on shares of Aveanna Healthcare from $8.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Aveanna Healthcare in a research note on Thursday, July 2nd. BMO Capital Markets increased their target price on shares of Aveanna Healthcare from $10.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, August 14th. Finally, Wall Street Zen cut shares of Aveanna Healthcare from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Aveanna Healthcare presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.50.

Aveanna Healthcare Price Performance

AVAH stock opened at $13.42 on Tuesday. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 0.84 and a beta of 1.90. The firm's 50-day moving average price is $10.29 and its two-hundred day moving average price is $8.15. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 4.47. Aveanna Healthcare Holdings Inc. has a 12-month low of $5.93 and a 12-month high of $14.00.

Aveanna Healthcare (NASDAQ:AVAH - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.05. Aveanna Healthcare had a net margin of 10.56% and a return on equity of 80.70%. The company had revenue of $670.48 million during the quarter, compared to analyst estimates of $638.61 million. As a group, equities analysts predict that Aveanna Healthcare Holdings Inc. will post 0.75 earnings per share for the current year.

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.

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