Avanos Medical, Inc. (NYSE:AVNS) Sees Significant Drop in Short Interest

Avanos Medical, Inc. (NYSE:AVNS) saw a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 693,200 shares, a drop of 7.8% from the July 15th total of 751,600 shares. Based on an average daily volume of 209,100 shares, the days-to-cover ratio is currently 3.3 days. Approximately 1.5% of the company’s shares are short sold.

Avanos Medical Stock Performance

Shares of AVNS stock opened at $23.12 on Wednesday. The stock has a 50-day moving average of $21.32 and a 200-day moving average of $20.08. Avanos Medical has a one year low of $17.24 and a one year high of $24.77. The stock has a market cap of $1.06 billion, a PE ratio of -17.38 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.28 and a quick ratio of 1.47.

Avanos Medical (NYSE:AVNS) last issued its earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.29 by $0.05. The firm had revenue of $171.70 million during the quarter, compared to the consensus estimate of $170.67 million. Avanos Medical had a net margin of 1.13% and a return on equity of 4.48%. The business’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 earnings per share. As a group, sell-side analysts expect that Avanos Medical will post 1.38 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on AVNS shares. JMP Securities reaffirmed a “market perform” rating on shares of Avanos Medical in a report on Tuesday, May 7th. StockNews.com raised Avanos Medical from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alberta Investment Management Corp raised its position in shares of Avanos Medical by 16.6% during the fourth quarter. Alberta Investment Management Corp now owns 413,418 shares of the company’s stock worth $9,273,000 after purchasing an additional 58,826 shares during the period. Tidal Investments LLC acquired a new stake in Avanos Medical during the 1st quarter worth approximately $439,000. BNP Paribas Financial Markets raised its holdings in Avanos Medical by 314.4% during the 1st quarter. BNP Paribas Financial Markets now owns 53,583 shares of the company’s stock worth $1,067,000 after buying an additional 40,653 shares during the period. Norges Bank bought a new position in Avanos Medical in the fourth quarter valued at approximately $7,016,000. Finally, Tributary Capital Management LLC boosted its holdings in shares of Avanos Medical by 7.5% in the first quarter. Tributary Capital Management LLC now owns 742,455 shares of the company’s stock valued at $14,782,000 after buying an additional 51,865 shares during the period. 95.17% of the stock is currently owned by institutional investors.

Avanos Medical Company Profile

Avanos Medical, Inc, a medical technology company, offers medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that include digestive health products, such as Mic-Key enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions.