News Summary
NegativeAcadia beat Q2 2026 EPS estimates ($0.38 vs. $0.35) and raised full-year revenue guidance to $3.40–$3.45B, but net income fell year-over-year and the stock initially fell 10% despite the beat, signaling investor skepticism. The company faces ongoing government investigations, active securities litigation (with a recent court denial of dismissal motion), and persistent payer negotiation tensions that constrain margin recovery.
Red flags
- •Net income declined year-over-year despite flat revenue
- •Active securities class action lawsuit survived motion to dismiss (August 2026); separate $179M settlement from prior fraud case (2025/2026)
- •Ongoing government investigations with no cost guidance provided
- •Analyst price target of $22.67 implies ~17.8% downside; Jefferies cut target from $34 to $15 in January 2026
- •Market reaction: stock fell 10% immediately after earnings beat, indicating underlying concern about fundamentals
- •Medicaid reimbursement pressures and underperforming locations noted as near-term drag
- •Revenue flat year-over-year (Q2 2026 vs Q2 2025); prior-year benefited from $48.7M one-time Tennessee payments
Funds Reducing / Exiting (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Maverick Capital | Lee Ainslie | 0 | −1.3M | — | 0.4% | -100% | EXITED |
| Soros Fund Management | Soros Family Office | 0 | −23K | — | <0.1% | -100% | EXITED |
| Point72 | Steve Cohen | 0 | −537K | — | <0.1% | -100% | EXITED |
Shares Held reflects quarter-end positions for partial reductions. Funds that fully exited show 0 shares held. ∆ Shares is the change from the prior quarter. % of Fund is the prior-quarter position size — how much of the book was sold down.
Signal History
| Quarter | Direction | Funds | Score | vs SPY |
|---|---|---|---|---|
| Q2 2026 | SHORT | 3 | 1.65 | -10.8% |
| Q1 2026 | LONG | 4 | 3.63 | +12.1% |
Same issuer appearing in consecutive quarters — persistent institutional conviction. Returns are frozen at each archived quarter's last refresh.
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Khrom Investments Fund, LP | SC 13G/A | 647K | 0.7% | 2026-08-14 | ↗ |
| Wellington Management Group LLP | SC 13G/A | 5.7M | 6.2% | 2026-08-13 | ↗ |
| FMR LLC | SC 13G/A | 5.0M | 5.5% | 2026-08-06 | ↗ |
| BlackRock, Inc. | SC 13G/A | 13.8M | 15.0% | 2026-07-27 | ↗ |
| Khrom Investments Fund, LP | SC 13G/A | 5.2M | 5.7% | 2026-05-15 | ↗ |
| Wellington Management Group LLP | SC 13G/A | 9.1M | 9.9% | 2026-05-15 | ↗ |
| THE GOLDMAN SACHS GROUP, INC. | SC 13G/A | 1.5M | 1.6% | 2026-05-11 | ↗ |
| Vanguard Capital Management | SC 13G | 4.8M | 5.3% | 2026-04-29 | ↗ |
| Vanguard Portfolio Management | SC 13G | 5.1M | 5.5% | 2026-04-28 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.