Aveanna Healthcare drops as sponsor to cut stake
AVAH•Secondary offering pressures shares
Shares of home care provider Aveanna Healthcare Holdings AVAH.O were down 8.4% at $11.88 in extended trading after secondary offering news.
AVAH announced that affiliates of J.H. Whitney Equity Partners and some current and former directors and officers will part with 15 million shares.
RBC is sole bookrunner for the offering.
Atlanta, Georgia-based AVAH has about 218.3 million shares outstanding, according to the prospectus.
AVAH stock closed down 1.4% at $12.97 on Thursday after hitting a record intraday high of $13.39; the stock is up about 69% over the past three months.
Eight of 11 analysts rate the stock “strong buy” or “buy,” and three rate it “hold,” with a median price target of $13, according to LSEG data.
