AdaptHealth (NASDAQ:AHCO) Shares Gap Down – What’s Next?

AdaptHealth Corp. (NASDAQ:AHCO) shares gapped down before the market opened on Wednesday . The stock had previously closed at $6.19, but opened at $5.92. AdaptHealth shares last traded at $5.7250, with a volume of 300,542 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on AHCO shares. Jefferies Financial Group raised shares of AdaptHealth from a “hold” rating to a “buy” rating and boosted their target price for the stock from $11.00 to $13.00 in a research report on Tuesday, July 21st. Wall Street Zen downgraded shares of AdaptHealth from a “hold” rating to a “sell” rating in a report on Sunday, August 16th. Royal Bank Of Canada reduced their price objective on shares of AdaptHealth from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Truist Financial decreased their price objective on shares of AdaptHealth from $14.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of AdaptHealth in a report on Wednesday, August 19th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, AdaptHealth presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.29.

AdaptHealth Price Performance

The stock has a 50 day moving average of $8.16 and a two-hundred day moving average of $9.86. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.98 and a current ratio of 1.12. The firm has a market capitalization of $770.46 million, a P/E ratio of -3.32 and a beta of 1.39.

AdaptHealth (NASDAQ:AHCO) last announced its earnings results on Tuesday, August 4th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.16). AdaptHealth had a positive return on equity of 3.36% and a negative net margin of 7.07%.The company had revenue of $740.31 million for the quarter, compared to the consensus estimate of $846.77 million. During the same period in the previous year, the company earned $0.10 EPS. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year.

Insider Buying and Selling at AdaptHealth

In other news, Director Kenneth Samet acquired 23,500 shares of AdaptHealth stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $6.38 per share, for a total transaction of $149,930.00. Following the completion of the purchase, the director owned 48,569 shares of the company’s stock, valued at $309,870.22. This represents a 93.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kennedy Capital Management LLC increased its position in AdaptHealth by 15.2% in the 4th quarter. Kennedy Capital Management LLC now owns 2,408,038 shares of the company’s stock worth $23,984,000 after buying an additional 317,900 shares during the period. Reinhart Partners LLC. lifted its holdings in shares of AdaptHealth by 10.6% during the fourth quarter. Reinhart Partners LLC. now owns 8,100,785 shares of the company’s stock worth $80,684,000 after buying an additional 773,727 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of AdaptHealth by 87.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 847,085 shares of the company’s stock valued at $10,080,000 after acquiring an additional 395,668 shares during the period. Principal Financial Group Inc. boosted its position in shares of AdaptHealth by 25.1% in the first quarter. Principal Financial Group Inc. now owns 2,784,316 shares of the company’s stock valued at $33,133,000 after acquiring an additional 558,357 shares during the period. Finally, Lazard Asset Management LLC grew its stake in shares of AdaptHealth by 35.0% in the first quarter. Lazard Asset Management LLC now owns 1,669,454 shares of the company’s stock worth $19,867,000 after acquiring an additional 432,664 shares during the last quarter. 82.67% of the stock is currently owned by institutional investors and hedge funds.

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.