Bank of America Corp DE Invests $7.77 Million in Accendra Health, Inc. $ACH

Key Points

• Bank of America acquired 3.41 million Accendra Health shares worth approximately $7.77 million, giving it a 4.45% stake. Several other institutional investors also initiated positions during the first quarter.
• Accendra Health reported a quarterly loss of $0.19 per share, missing expectations of a $0.13 loss, despite generating $613.23 million in revenue. The company continues to post negative net margins and return on equity.
• Shares opened at $1.17, near the lower end of their 52-week range, while analysts maintain a cautious outlook: four rate the stock Hold and one Sell, with an average price target of $1.50.

Bank of America Corp DE bought a new stake in Accendra Health, Inc. (NYSE:ACH - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,407,075 shares of the company's stock, valued at approximately $7,768,000. Bank of America Corp DE owned about 4.45% of Accendra Health as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP acquired a new position in shares of Accendra Health during the 1st quarter valued at about $5,943,000. Paradigm Capital Management Inc. NY purchased a new stake in shares of Accendra Health in the first quarter valued at about $4,073,000. Renaissance Technologies LLC purchased a new stake in shares of Accendra Health during the 1st quarter valued at approximately $725,000. Bank of New York Mellon Corp purchased a new position in Accendra Health in the first quarter worth approximately $592,000. Finally, Strs Ohio acquired a new stake in Accendra Health during the first quarter worth $413,000.

Accendra Health Trading Up 0.4%

Shares of NYSE:ACH opened at $1.17 on Wednesday. The company has a 50 day moving average price of $2.80. The firm has a market capitalization of $89.59 million, a PE ratio of -0.30 and a beta of 1.58. Accendra Health, Inc. has a fifty-two week low of $0.93 and a fifty-two week high of $5.69.

Accendra Health (NYSE:ACH - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.06). The firm had revenue of $613.23 million during the quarter. Accendra Health had a negative net margin of 11.41% and a negative return on equity of 4.02%. On average, research analysts predict that Accendra Health, Inc. will post -0.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ACH has been the topic of a number of research analyst reports. Robert W. Baird set a $1.50 target price on Accendra Health and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Citigroup downgraded shares of Accendra Health from a "buy" rating to a "neutral" rating and reduced their price target for the company from $4.50 to $1.50 in a research note on Monday, August 10th. Weiss Ratings lowered shares of Accendra Health from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, August 6th. Finally, UBS Group lowered their price objective on shares of Accendra Health from $4.50 to $1.50 and set a "neutral" rating for the company in a research report on Thursday, August 13th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $1.50.

Accendra Health Company Profile

Accendra Health Inc is a nationwide provider of products, technology, and services that support health beyond the hospital by connecting patients, providers, and insurers. Through its brands, Apria and Byram Healthcare, the company delivers disposable medical supplies, integrated home healthcare equipment, and related services that help improve health outcomes and quality of life for individuals with chronic, complex, and acute health conditions. Its offerings span diabetes treatment, home respiratory therapy, and obstructive sleep apnea treatment, along with patient support services.

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