AdaptHealth (NASDAQ:AHCO) Stock Price Up 9% – Here’s What Happened

AdaptHealth Corp. (NASDAQ:AHCO) shares rose 9% during trading on Wednesday . The stock traded as high as $5.97 and last traded at $6.0050. 412,497 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 1,742,864 shares. The stock had previously closed at $5.51.

Analyst Ratings Changes

Several brokerages have weighed in on AHCO. Canaccord Genuity Group set a $10.00 price objective on AdaptHealth in a research report on Wednesday, August 5th. Truist Financial cut their target price on shares of AdaptHealth from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Robert W. Baird set a $10.00 target price on shares of AdaptHealth in a research note on Wednesday, August 5th. Royal Bank Of Canada lowered their price target on shares of AdaptHealth from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Finally, Wall Street Zen cut shares of AdaptHealth from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.29.

AdaptHealth Stock Up 6.3%

The company has a quick ratio of 0.98, a current ratio of 1.12 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $875.30 million, a P/E ratio of -3.75, a price-to-earnings-growth ratio of 0.31 and a beta of 1.39. The company has a 50-day moving average of $8.39 and a two-hundred day moving average of $9.95.

AdaptHealth (NASDAQ:AHCO) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of $0.17 by ($1.16). The business had revenue of $740.31 million for the quarter, compared to the consensus estimate of $846.77 million. AdaptHealth had a positive return on equity of 3.36% and a negative net margin of 7.07%.The company’s revenue was down 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.10 EPS. On average, research analysts predict that AdaptHealth Corp. will post 0.44 EPS for the current year.

Insider Activity

In other news, Director Kenneth Samet purchased 23,500 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were bought at an average price of $6.38 per share, for a total transaction of $149,930.00. Following the purchase, the director directly owned 48,569 shares in the company, valued at approximately $309,870.22. This trade represents a 93.74% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Deerfield Management Company L.P. grew its holdings in shares of AdaptHealth by 15.9% during the third quarter. Deerfield Management Company L.P. now owns 11,477,730 shares of the company’s stock valued at $102,726,000 after buying an additional 1,572,835 shares during the last quarter. California State Teachers Retirement System raised its holdings in AdaptHealth by 1,045.7% in the 2nd quarter. California State Teachers Retirement System now owns 991,942 shares of the company’s stock worth $95,196,000 after acquiring an additional 905,361 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in AdaptHealth by 15.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,982,070 shares of the company’s stock worth $53,537,000 after acquiring an additional 809,459 shares during the last quarter. Reinhart Partners LLC. lifted its position in AdaptHealth by 10.6% in the 4th quarter. Reinhart Partners LLC. now owns 8,100,785 shares of the company’s stock valued at $80,684,000 after acquiring an additional 773,727 shares in the last quarter. Finally, Iron Triangle Partners LP lifted its position in AdaptHealth by 35.6% in the 4th quarter. Iron Triangle Partners LP now owns 2,609,003 shares of the company’s stock valued at $25,986,000 after acquiring an additional 684,871 shares in the last quarter. 82.67% of the stock is owned by hedge funds and other institutional investors.

About AdaptHealth

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.