AdaptHealth (NASDAQ:AHCO) Shares Gap Up After Insider Buying Activity

AdaptHealth Corp. (NASDAQ:AHCO)’s stock price gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $9.75, but opened at $10.25. AdaptHealth shares last traded at $10.35, with a volume of 232,281 shares traded.

Specifically, major shareholder Richard M. Cashin, Jr. purchased 689,336 shares of the stock in a transaction dated Thursday, March 12th. The shares were acquired at an average cost of $9.73 per share, for a total transaction of $6,707,239.28. Following the acquisition, the insider owned 15,864,871 shares of the company’s stock, valued at approximately $154,365,194.83. This represents a 4.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Richard M. Cashin, Jr. acquired 536,827 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was purchased at an average cost of $9.73 per share, for a total transaction of $5,223,326.71. Following the transaction, the insider owned 15,175,535 shares in the company, valued at approximately $147,657,955.55. The trade was a 3.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In other news, major shareholder Richard M. Cashin, Jr. bought 820,528 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average price of $9.73 per share, with a total value of $7,983,737.44. Following the completion of the transaction, the insider directly owned 14,638,708 shares of the company’s stock, valued at approximately $142,434,628.84. The trade was a 5.94% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Weiss Ratings lowered shares of AdaptHealth from a “hold (c-)” rating to a “sell (d)” rating in a report on Wednesday, February 25th. Leerink Partners decreased their price objective on AdaptHealth from $13.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 26th. Royal Bank Of Canada restated an “outperform” rating and set a $13.00 target price on shares of AdaptHealth in a research note on Wednesday, February 25th. Wall Street Zen lowered AdaptHealth from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Zacks Research upgraded AdaptHealth from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 1st. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, AdaptHealth has a consensus rating of “Moderate Buy” and an average price target of $13.25.

AdaptHealth Stock Performance

The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -18.64, a P/E/G ratio of 1.12 and a beta of 1.76. The company has a current ratio of 1.02, a quick ratio of 0.81 and a debt-to-equity ratio of 1.15. The firm has a 50-day moving average of $10.08 and a 200-day moving average of $9.67.

AdaptHealth (NASDAQ:AHCO) last issued its quarterly earnings results on Tuesday, February 24th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($1.10). The firm had revenue of $846.29 million for the quarter, compared to analyst estimates of $832.51 million. AdaptHealth had a positive return on equity of 3.42% and a negative net margin of 2.18%.The business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.34 EPS. As a group, sell-side analysts predict that AdaptHealth Corp. will post 0.88 earnings per share for the current year.

Institutional Investors Weigh In On AdaptHealth

Institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in AdaptHealth by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,495 shares of the company’s stock worth $656,000 after buying an additional 2,564 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of AdaptHealth by 32.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 571,232 shares of the company’s stock valued at $6,192,000 after acquiring an additional 139,828 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of AdaptHealth in the first quarter worth $2,851,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of AdaptHealth by 18.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 233,780 shares of the company’s stock worth $2,534,000 after acquiring an additional 35,879 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of AdaptHealth by 115.3% during the second quarter. Envestnet Asset Management Inc. now owns 152,679 shares of the company’s stock worth $1,440,000 after purchasing an additional 81,760 shares during the last quarter. Institutional investors and hedge funds own 82.67% of the company’s stock.

AdaptHealth Company Profile

AdaptHealth, Inc operates as a leading provider of home medical equipment (HME) and related services in the United States. The company focuses on delivering respiratory care, mobility solutions and bathroom safety products to patients with chronic and acute medical needs. Through its comprehensive service offerings, AdaptHealth aims to enhance quality of life and clinical outcomes for patients who require long-term support outside of a hospital setting.

The company’s respiratory portfolio includes products such as continuous positive airway pressure (CPAP) devices, oxygen concentrators, ventilators, and associated supplies for patients with sleep apnea, COPD and other pulmonary conditions.