Avanos Medical Inc (NYSE:AVNS) Sees Large Increase in Short Interest

Avanos Medical Inc (NYSE:AVNS) was the recipient of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 2,630,600 shares, a growth of 9.1% from the April 30th total of 2,411,500 shares. Based on an average trading volume of 325,700 shares, the days-to-cover ratio is presently 8.1 days. Approximately 5.6% of the shares of the stock are sold short.

Shares of Avanos Medical stock traded down $0.44 during trading on Friday, hitting $43.00. 138,640 shares of the stock traded hands, compared to its average volume of 245,549. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 52.44 and a beta of 1.47. The company has a current ratio of 2.77, a quick ratio of 2.22 and a debt-to-equity ratio of 0.24. Avanos Medical has a 52-week low of $37.07 and a 52-week high of $72.96. The firm’s fifty day moving average is $42.06.

Avanos Medical (NYSE:AVNS) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.02). The firm had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $163.72 million. Avanos Medical had a net margin of 2.58% and a return on equity of 4.92%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.76 EPS. On average, equities research analysts anticipate that Avanos Medical will post 1.24 earnings per share for the current fiscal year.

In other news, CEO Joseph Fralin Woody bought 3,500 shares of the stock in a transaction dated Thursday, May 30th. The stock was purchased at an average cost of $39.95 per share, for a total transaction of $139,825.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.57% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Diversified Trust Co boosted its stake in shares of Avanos Medical by 22.5% in the second quarter. Diversified Trust Co now owns 11,230 shares of the company’s stock worth $490,000 after acquiring an additional 2,065 shares during the last quarter. Palmer Knight Co boosted its stake in shares of Avanos Medical by 3.6% in the second quarter. Palmer Knight Co now owns 82,642 shares of the company’s stock worth $3,604,000 after acquiring an additional 2,890 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Avanos Medical in the second quarter worth approximately $321,000. First Trust Advisors LP boosted its stake in shares of Avanos Medical by 18.7% in the first quarter. First Trust Advisors LP now owns 7,531 shares of the company’s stock worth $321,000 after acquiring an additional 1,185 shares during the last quarter. Finally, Marshall Wace North America L.P. boosted its stake in shares of Avanos Medical by 38.9% in the first quarter. Marshall Wace North America L.P. now owns 45,573 shares of the company’s stock worth $1,945,000 after acquiring an additional 12,768 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

AVNS has been the topic of several recent research reports. Zacks Investment Research lowered GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a report on Monday, May 6th. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a GBX 2,280 ($29.79) target price on shares of Anglo American in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. Avanos Medical has a consensus rating of “Hold” and an average price target of $63.00.

About Avanos Medical

Avanos Medical, Inc operates as a medical technology company that focuses on delivering medical device solutions to improve patients' quality of life worldwide. It provides a portfolio of products focuses on respiratory and digestive health; pain management solutions; and minimally invasive interventional pain therapies, closed airway suction systems, and enteral feeding tubes.

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