Why This Fund Made a $5 Million Bet on Acadia Healthcare Despite a Flat Stock
Key Points
13D Management added 294,000 shares of Acadia Healthcare in the first quarter; the estimated trade value was $5.32 million.
The quarter-end position value for the new holding was $6.88 million.
The transaction represented an 8.25% shift in 13F reportable assets under management.
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On May 15, 2026, 13D Management disclosed a new position in Acadia Healthcare (NASDAQ:ACHC), acquiring 294,000 shares in a trade estimated at $5.32 million based on quarterly average pricing.
What happened
According to a filing with the Securities and Exchange Commission dated May 15, 2026, 13D Management initiated a new position in Acadia Healthcare (NASDAQ:ACHC) by acquiring 294,000 shares. The estimated value of the trade, calculated using the average closing price for the first quarter of 2026, was $5.32 million. The quarter-end value of the holding was $6.88 million, reflecting the position’s valuation at the end of the period.
What else to know
- This was a new position for the fund, with Acadia Healthcare representing 10.7% of 13F reportable assets after the trade.
- Top five holdings after the filing:
- NYSE:TWLO: $7.64 million (11.85% of AUM)
- NASDAQ:VSAT: $7.55 million (11.7% of AUM)
- NASDAQ:ACHC: $6.88 million (10.7% of AUM)
- NYSE:PSO: $6.02 million (9.3% of AUM)
- NYSE:ALV: $5.87 million (9.1% of AUM)
- As of May 14, 2026, shares of Acadia Healthcare were priced at $26.80, roughly flat over the past year and well underperforming the S&P 500, which is instead up about 25%.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.37 billion |
| Net Income (TTM) | ($1.10 billion) |
| Price (as of market close May 14, 2026) | $26.80 |
Company snapshot
- Acadia Healthcare provides behavioral healthcare services, including inpatient psychiatric care, specialty treatment, residential treatment centers, and outpatient clinics across the United States and Puerto Rico.
- The firm operates a network-based model, generating revenue primarily from patient services at its owned and operated healthcare facilities.
- It serves individuals seeking mental health and addiction treatment, with primary customers including patients, families, and referring healthcare professionals.
Acadia Healthcare is a leading provider of behavioral healthcare services, operating hundreds of facilities and thousands of beds across the United States and Puerto Rico. The company's scale and diversified service offerings position it as a key player in the mental health and addiction treatment sector. Acadia Healthcare's extensive facility network and focus on specialized care support its competitive advantage in addressing growing behavioral health needs.
What this transaction means for investors
Acadia Healthcare shares have badly lagged the broader market over the past year, but they surged over 60% last quarter alone, and 13D Management made the company one of its largest disclosed positions immediately after establishing the stake.
The timing is notable because Acadia’s underlying business trends have improved. First-quarter revenue climbed 7.6% to $828.8 million, while same-facility revenue rose 7.3%, helped by higher patient volumes and stronger pricing. Adjusted EBITDA increased to $144.2 million from $134.2 million a year earlier, prompting management to raise its full-year adjusted EBITDA and earnings guidance. CEO Debbie Osteen thanked disciplined execution, strong patient volumes, and continued operating efficiencies for the strong performance.
The company also continues expanding capacity. Acadia added 82 newly licensed beds during the quarter and now operates roughly 275 facilities with approximately 12,400 beds across 40 states and Puerto Rico. If management can keep this up, the stock’s recent underperformance could start to look more like an opportunity than a warning sign.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Twilio. The Motley Fool recommends Pearson Plc. The Motley Fool has a disclosure policy.
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