ACHC
LONG13D FILEDACADIA HEALTHCARE COMPANY IN
Research: Finviz ↗·Perplexity ↗
🗄 Viewing archived Q1 2026 data — frozen, no longer refreshed.
News Summary
NegativeAcadia delivered Q2 earnings beats and raised 2026 guidance, but stock fell sharply due to collapsing profitability (net income down 61% YTD), mounting legal liabilities including a $105M jury verdict and ongoing DOJ/SEC investigations, and structural headwinds from elevated insurance costs and Medicaid reimbursement risk. Management transitions and $44.6M in H1 legal/investigation costs underscore persistent operational and compliance challenges despite revenue growth.
Red flags
- •DOJ Criminal Division and SEC investigations into acute care admissions, length of stay, and billing practices with unknown potential liability
- •$105 million jury verdict (Fashion Valley CTC) for wrongful termination/harassment; $135M legal fees paid in 2025
- •Net income collapsed 61% YTD ($15M vs $38.5M prior year) despite 7.6% revenue growth, driven by $28.6M liability reserve adjustment and $13.8M Sandoval settlement
- •Stock fell 5.17% on Q2 earnings announcement and as much as 17.3% in following days despite beat and guidance raise, signaling investor skepticism
- •60.7% revenue concentration in Medicaid with reimbursement risk post-2028 per OBBBA
- •Analyst cited 200+ bps margin disadvantage from elevated insurance/claim costs, indicating structural profitability pressure
- •CFO departure (April 2026) and interim replacement; CEO transition occurred only 3 months prior (January 2026)
- •$44.6M transaction/legal costs in H1 2026, including $19.9M for government investigations
Funds Buying (4)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Greenlight Capital | David Einhorn | 4.5M | +397K | $106M | 3.3% | +10% | Existing |
| Maverick Capital | Lee Ainslie | 1.3M | +409K | $31M | 0.4% | +45% | Existing |
| Point72 | Steve Cohen | 537K | +537K | $13M | <0.1% | — | NEW |
| Soros Fund Management | Soros Family Office | 23K | +23K | $1M | <0.1% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where ACHC ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #7 of this fund's book
- 4BRIGHTHOUSE FINL INC$170M
- 5PG&E CORP$117M
- 6VERSANT MEDIA GROUP INC$112M
- 7ACADIA HEALTHCARE COMPANY IN$106M
- 8VICTORIAS SECRET AND CO$105M
- 9DHT HOLDINGS INC$96M
- 10PENN ENTERTAINMENT INC$91M
Values are quarter-end position sizes. Shown only for funds where ACHC ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Signal History
| Quarter | Direction | Funds | Score | vs SPY |
|---|---|---|---|---|
| Q2 2026 | SHORT | 3 | 1.63 | -6.3% |
| 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 | 7.5M | 8.1% | 2026-03-11 | ↗ |
| THE GOLDMAN SACHS GROUP, INC. | SC 13G | 4.7M | 5.1% | 2026-02-12 | ↗ |
| Wellington Management Group LLP | SC 13G/A | 11.8M | 12.8% | 2026-02-10 | ↗ |
| Khrom Investments Fund, LP | SC 13D/A | 8.1M | 8.8% | 2026-01-23 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.