Avanos Medical (NYSE:AVNS) Sees Strong Trading Volume – What’s Next?

Avanos Medical, Inc. (NYSE:AVNS) saw strong trading volume on Friday . 2,564,317 shares were traded during mid-day trading, an increase of 141% from the previous session’s volume of 1,064,897 shares.The stock last traded at $24.6550 and had previously closed at $24.70.

Analysts Set New Price Targets

A number of research firms have issued reports on AVNS. Wall Street Zen downgraded Avanos Medical from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Zacks Research lowered Avanos Medical from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings upgraded Avanos Medical from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, April 22nd. Two analysts have rated the stock with a Sell rating, According to MarketBeat.com, Avanos Medical currently has a consensus rating of “Sell”.

Avanos Medical Stock Down 0.2%

The firm has a 50 day simple moving average of $19.45 and a two-hundred day simple moving average of $14.94. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.40 and a current ratio of 2.48. The stock has a market cap of $1.15 billion, a P/E ratio of -15.31 and a beta of 1.58.

Avanos Medical (NYSE:AVNS) last announced its earnings results on Tuesday, May 5th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. The firm had revenue of $182.20 million for the quarter, compared to the consensus estimate of $170.00 million. Avanos Medical had a positive return on equity of 5.39% and a negative net margin of 10.39%.The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 EPS. Equities research analysts predict that Avanos Medical, Inc. will post 1.07 earnings per share for the current year.

Hedge Funds Weigh In On Avanos Medical

A number of institutional investors have recently made changes to their positions in AVNS. EverSource Wealth Advisors LLC increased its stake in Avanos Medical by 132.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,496 shares of the company’s stock valued at $28,000 after acquiring an additional 1,423 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Avanos Medical by 969.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,545 shares of the company’s stock worth $31,000 after acquiring an additional 2,307 shares in the last quarter. Wexford Capital LP acquired a new position in shares of Avanos Medical in the 3rd quarter worth approximately $70,000. Tower Research Capital LLC TRC boosted its holdings in shares of Avanos Medical by 433.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,257 shares of the company’s stock worth $77,000 after acquiring an additional 5,083 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Avanos Medical by 15.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,317 shares of the company’s stock worth $89,000 after acquiring an additional 846 shares in the last quarter. 95.17% of the stock is currently owned by institutional investors.

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.