Summit Partners L P Has $61.70 Million Stake in Aveanna Healthcare Holdings Inc. $AVAH

Key Points

• Summit Partners L P cut its Aveanna Healthcare stake by 21.8% in the fourth quarter, but still held 7.55 million shares worth about $61.7 million, making AVAH its fourth-largest position.
• Aveanna reported stronger-than-expected quarterly results, with EPS of $0.18 versus the $0.13 estimate and revenue of $647.9 million, up 15.9% year over year.
• Analyst sentiment remains generally positive: Aveanna has a Moderate Buy consensus and an average price target of $10.50, though recent ratings were mixed with both upgrades and downgrades.

Summit Partners L P reduced its position in shares of Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH - Free Report) by 21.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,551,422 shares of the company's stock after selling 2,100,000 shares during the period. Aveanna Healthcare comprises about 5.9% of Summit Partners L P's investment portfolio, making the stock its 4th biggest position. Summit Partners L P owned 3.61% of Aveanna Healthcare worth $61,695,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Aveanna Healthcare by 38.0% during the fourth quarter. Vanguard Group Inc. now owns 5,577,010 shares of the company's stock worth $45,564,000 after purchasing an additional 1,535,351 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Aveanna Healthcare during the third quarter worth approximately $15,743,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Aveanna Healthcare by 70.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,130,912 shares of the company's stock worth $10,031,000 after purchasing an additional 466,022 shares in the last quarter. Algert Global LLC lifted its position in shares of Aveanna Healthcare by 120.1% during the third quarter. Algert Global LLC now owns 1,022,599 shares of the company's stock worth $9,070,000 after purchasing an additional 557,898 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Aveanna Healthcare by 451.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 959,488 shares of the company's stock worth $8,511,000 after purchasing an additional 785,452 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Aveanna Healthcare news, insider Patrick A. Cunningham sold 125,000 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $7.59, for a total value of $948,750.00. Following the completion of the sale, the insider owned 212,755 shares of the company's stock, valued at approximately $1,614,810.45. This represents a 37.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.30% of the company's stock.

Aveanna Healthcare Trading Down 0.1%

AVAH opened at $7.67 on Friday. The company has a debt-to-equity ratio of 5.35, a current ratio of 1.47 and a quick ratio of 1.47. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 6.50, a price-to-earnings-growth ratio of 0.91 and a beta of 1.93. The firm has a 50 day simple moving average of $6.75 and a 200 day simple moving average of $7.86. Aveanna Healthcare Holdings Inc. has a fifty-two week low of $3.73 and a fifty-two week high of $10.32.

Aveanna Healthcare (NASDAQ:AVAH - Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.05. Aveanna Healthcare had a net margin of 10.37% and a return on equity of 124.68%. The business had revenue of $647.92 million during the quarter, compared to the consensus estimate of $613.22 million. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. On average, sell-side analysts anticipate that Aveanna Healthcare Holdings Inc. will post 0.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Zacks Research lowered shares of Aveanna Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 3rd. Raymond James Financial raised shares of Aveanna Healthcare from an "outperform" rating to a "strong-buy" rating and set a $13.00 price target for the company in a research note on Friday, March 20th. Stephens raised shares of Aveanna Healthcare from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $10.00 to $11.00 in a research note on Friday, May 15th. Weiss Ratings downgraded shares of Aveanna Healthcare from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, April 6th. Finally, Barclays dropped their price target on shares of Aveanna Healthcare from $9.50 to $9.00 and set an "overweight" rating for the company in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Aveanna Healthcare currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

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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