Engineers Gate Manager LP Cuts Stock Position in Aveanna Healthcare Holdings Inc. $AVAH

Key Points

• Engineers Gate Manager LP cut its Aveanna Healthcare stake by 57.2% in the second quarter, selling 111,614 shares and retaining 83,500 shares valued at approximately $716,000. Institutional investors collectively own 87.96% of the company.
• Wall Street’s outlook remains positive, with a consensus “Moderate Buy” rating and an average price target of $14.06; several analysts recently raised their targets to $15–$16.
• Aveanna exceeded quarterly expectations, reporting $0.22 in earnings per share versus $0.17 expected and $670.48 million in revenue versus $638.61 million forecast. However, insiders sold nearly 59.9 million shares worth about $649.3 million over the past 90 days.

Engineers Gate Manager LP lessened its holdings in shares of Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH - Free Report) by 57.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 83,500 shares of the company's stock after selling 111,614 shares during the quarter. Engineers Gate Manager LP's holdings in Aveanna Healthcare were worth $716,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd grew its stake in shares of Aveanna Healthcare by 252.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,351 shares of the company's stock worth $27,000 after acquiring an additional 2,400 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in shares of Aveanna Healthcare during the second quarter worth $69,000. Summit Securities Group LLC acquired a new stake in shares of Aveanna Healthcare in the first quarter valued at $53,000. Freestone Grove Partners LP acquired a new stake in shares of Aveanna Healthcare in the second quarter valued at $73,000. Finally, Landscape Capital Management L.L.C. purchased a new position in Aveanna Healthcare in the second quarter valued at $102,000. Hedge funds and other institutional investors own 87.96% of the company's stock.

Wall Street Analysts Forecast Growth

AVAH has been the topic of several recent research reports. Raymond James Financial upped their price target on Aveanna Healthcare from $13.00 to $15.00 and gave the stock a "strong-buy" rating in a report on Friday, August 14th. Truist Financial lifted their price objective on Aveanna Healthcare from $11.00 to $15.00 and gave the company a "hold" rating in a research note on Monday, August 24th. Royal Bank Of Canada boosted their price objective on Aveanna Healthcare from $10.00 to $16.00 and gave the stock an "outperform" rating in a research report on Monday, August 24th. Wall Street Zen lowered shares of Aveanna Healthcare from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Aveanna Healthcare from $8.00 to $15.00 and gave the company a "neutral" rating in a report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.06.

Insiders Place Their Bets

In related news, major shareholder Robert M. Williams, Jr. sold 14,500,002 shares of the company's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $11.50, for a total value of $166,750,023.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder J.H. Whitney Equity Partners V sold 12,496,077 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 $143,704,885.50. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 59,904,505 shares of company stock valued at $649,301,514. 5.30% of the stock is currently owned by insiders.

Aveanna Healthcare Price Performance

AVAH stock opened at $13.67 on Monday. The business has a 50 day moving average price of $11.64 and a 200 day moving average price of $8.78. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 4.47. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 0.84 and a beta of 1.97. Aveanna Healthcare Holdings Inc. has a fifty-two week low of $5.93 and a fifty-two week high of $14.71.

Aveanna Healthcare (NASDAQ:AVAH - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $670.48 million for the quarter, compared to analysts' expectations of $638.61 million. Aveanna Healthcare had a net margin of 10.56% and a return on equity of 80.70%. Equities research analysts anticipate that Aveanna Healthcare Holdings Inc. will post 0.77 earnings per share for the current fiscal year.

Aveanna Healthcare Company Profile

Aveanna Healthcare Corporation is a provider of home-based healthcare services for children, adults and families in the United States. The company's services are designed to help patients receive medical and supportive care in their homes and communities, including individuals with complex, chronic or medically fragile conditions.

Aveanna's principal services include private-duty nursing, home health, hospice and personal care. It also provides pediatric therapy and related clinical services, including physical, occupational and speech therapy.

Want to see what other hedge funds are holding AVAH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH - Free Report).

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.