Glazer Capital LLC Invests $6.46 Million in Avanos Medical, Inc. $AVNS

Key Points

• Glazer Capital initiated a $6.46 million position in Avanos Medical, purchasing 259,736 shares, or approximately 0.55% of the company. Institutional investors collectively own 95.17% of AVNS.
• Analyst sentiment remains cautious: Avanos has an average “Reduce” rating, with one analyst rating it “Hold” and another assigning a “Sell” rating.
• AVNS recently traded at $24.99, near its 52-week high of $25.49, with a market capitalization of about $1.17 billion.

Glazer Capital LLC purchased a new stake in Avanos Medical, Inc. (NYSE:AVNS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 259,736 shares of the company's stock, valued at approximately $6,462,000. Glazer Capital LLC owned about 0.55% of Avanos Medical as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of AVNS. EverSource Wealth Advisors LLC grew its position in Avanos Medical by 132.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,496 shares of the company's stock worth $28,000 after acquiring an additional 1,423 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Avanos Medical by 969.3% during the second quarter. Russell Investments Group Ltd. now owns 2,545 shares of the company's stock valued at $31,000 after purchasing an additional 2,307 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Avanos Medical during the second quarter worth about $48,000. Wexford Capital LP bought a new stake in shares of Avanos Medical during the third quarter worth about $70,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in shares of Avanos Medical in the second quarter valued at approximately $75,000. Institutional investors and hedge funds own 95.17% of the company's stock.

Analyst Ratings Changes

AVNS has been the topic of several recent research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Avanos Medical in a research report on Monday, July 20th. Zacks Research upgraded shares of Avanos Medical from a "strong sell" rating to a "hold" rating in a research report on Friday, June 5th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Avanos Medical has an average rating of "Reduce".

Avanos Medical Stock Performance

AVNS stock opened at $24.99 on Friday. The firm has a market cap of $1.17 billion, a PE ratio of -15.52 and a beta of 1.57. The company has a current ratio of 2.48, a quick ratio of 1.40 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $24.96 and a 200-day moving average price of $21.37. Avanos Medical, Inc. has a 1-year low of $9.30 and a 1-year high of $25.49.

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.

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