Aveanna Healthcare (NASDAQ:AVAH) Hits New 12-Month High After Analyst Upgrade

Key Points

• Aveanna Healthcare shares reached a new 52-week high of $14.70 after JPMorgan raised its price target from $8 to $15, though it maintained a neutral rating.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $14.06; several firms have recently raised their targets to $15 or higher.
• The company reported quarterly earnings of $0.22 per share, beating estimates of $0.17, while revenue of $670.48 million exceeded expectations. However, insiders sold nearly 60 million shares worth approximately $649.3 million over the past 90 days.

Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH - Get Free Report) shares reached a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $8.00 to $15.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Aveanna Healthcare traded as high as $14.70 and last traded at $14.38, with a volume of 2585273 shares traded. The stock had previously closed at $14.08.

AVAH has been the subject of a number of other reports. UBS Group increased their price target on Aveanna Healthcare from $8.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, August 14th. Truist Financial boosted their price target on Aveanna Healthcare from $11.00 to $15.00 and gave the stock a "hold" rating in a research note on Monday, August 24th. BMO Capital Markets upped their price objective 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. Raymond James Financial increased their price objective on shares of Aveanna Healthcare from $13.00 to $15.00 and gave the company a "strong-buy" rating in a research report on Friday, August 14th. Finally, Royal Bank Of Canada lifted their target price on shares of Aveanna Healthcare from $10.00 to $16.00 and gave the stock an "outperform" rating in a research note on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Aveanna Healthcare has a consensus rating of "Moderate Buy" and a consensus target price of $14.06.

Insider Buying and Selling

In other news, major shareholder J.H. Whitney Equity Partners V sold 12,496,077 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $11.50, for a total value of $143,704,885.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Paul R. Vigano sold 14,500,002 shares of the firm'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 disclosure for this sale is available in the SEC filing. Insiders sold 59,904,505 shares of company stock worth $649,301,514 in the last 90 days. Insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On Aveanna Healthcare

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Aveanna Healthcare in the 2nd quarter valued at $63,504,000. Braidwell LP raised its holdings in shares of Aveanna Healthcare by 39.1% during the second quarter. Braidwell LP now owns 3,065,106 shares of the company's stock worth $26,268,000 after purchasing an additional 861,600 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Aveanna Healthcare by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,334,374 shares of the company's stock worth $8,593,000 after purchasing an additional 441,707 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Aveanna Healthcare during the second quarter valued at $7,881,000. Finally, California State Teachers Retirement System lifted its position in Aveanna Healthcare by 1,351.3% during the second quarter. California State Teachers Retirement System now owns 730,027 shares of the company's stock valued at $6,256,000 after purchasing an additional 679,727 shares during the period. Institutional investors and hedge funds own 87.96% of the company's stock.

Aveanna Healthcare Stock Performance

The company has a debt-to-equity ratio of 4.47, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market capitalization of $3.14 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 0.89 and a beta of 1.97. The firm's fifty day simple moving average is $11.29 and its 200 day simple moving average is $8.59.

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, beating analysts' consensus estimates of $0.17 by $0.05. The business had revenue of $670.48 million during the quarter, compared to analyst estimates of $638.61 million. Aveanna Healthcare had a return on equity of 80.70% and a net margin of 10.56%. On average, research analysts predict that Aveanna Healthcare Holdings Inc. will post 0.75 EPS for the current year.

About Aveanna Healthcare

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.

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.