AdaptHealth Corp. (NASDAQ:AHCO) Sees Large Decline in Short Interest

AdaptHealth Corp. (NASDAQ:AHCO) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 7,270,000 shares, a drop of 11.4% from the March 31st total of 8,210,000 shares. Approximately 10.3% of the company’s shares are sold short. Based on an average trading volume of 1,140,000 shares, the days-to-cover ratio is currently 6.4 days.

Wall Street Analysts Forecast Growth

AHCO has been the subject of several research reports. Jefferies Financial Group cut shares of AdaptHealth from a “buy” rating to a “hold” rating and lowered their price objective for the company from $14.50 to $8.00 in a research report on Monday, January 8th. Royal Bank of Canada restated an “outperform” rating and set a $13.00 price objective on shares of AdaptHealth in a report on Monday, March 4th. UBS Group lifted their target price on AdaptHealth from $9.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Finally, Truist Financial increased their price target on AdaptHealth from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.10.

Insider Transactions at AdaptHealth

In related news, major shareholder James E. Flynn sold 182,607 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $11.02, for a total transaction of $2,012,329.14. Following the transaction, the insider now directly owns 11,643,769 shares in the company, valued at approximately $128,314,334.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder James E. Flynn sold 182,607 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $11.02, for a total transaction of $2,012,329.14. Following the completion of the transaction, the insider now owns 11,643,769 shares in the company, valued at approximately $128,314,334.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder James E. Flynn sold 52,487 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $10.93, for a total value of $573,682.91. Following the completion of the transaction, the insider now directly owns 11,826,376 shares in the company, valued at approximately $129,262,289.68. The disclosure for this sale can be found here. Company insiders own 13.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in AdaptHealth by 6.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 24,504 shares of the company’s stock valued at $179,000 after acquiring an additional 1,382 shares during the last quarter. SummerHaven Investment Management LLC increased its position in shares of AdaptHealth by 2.6% during the fourth quarter. SummerHaven Investment Management LLC now owns 54,754 shares of the company’s stock worth $399,000 after purchasing an additional 1,411 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of AdaptHealth by 2.3% during the 3rd quarter. Texas Permanent School Fund Corp now owns 68,860 shares of the company’s stock valued at $627,000 after purchasing an additional 1,551 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of AdaptHealth by 197.1% in the 1st quarter. GAMMA Investing LLC now owns 2,537 shares of the company’s stock worth $29,000 after purchasing an additional 1,683 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in AdaptHealth by 11.1% during the 4th quarter. Mackenzie Financial Corp now owns 23,760 shares of the company’s stock worth $173,000 after buying an additional 2,376 shares during the last quarter. Hedge funds and other institutional investors own 82.67% of the company’s stock.

AdaptHealth Stock Up 1.7 %

Shares of NASDAQ AHCO opened at $10.13 on Tuesday. AdaptHealth has a 12-month low of $6.37 and a 12-month high of $15.37. The stock’s fifty day simple moving average is $10.10 and its two-hundred day simple moving average is $8.46. The stock has a market capitalization of $1.35 billion, a PE ratio of -1.91, a price-to-earnings-growth ratio of 0.65 and a beta of 1.02. The company has a current ratio of 1.21, a quick ratio of 1.00 and a debt-to-equity ratio of 1.44.

AdaptHealth (NASDAQ:AHCO) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.44. The company had revenue of $858.23 million for the quarter, compared to the consensus estimate of $825.94 million. AdaptHealth had a positive return on equity of 8.84% and a negative net margin of 21.21%. As a group, analysts expect that AdaptHealth will post 0.88 EPS for the current fiscal year.

About AdaptHealth

AdaptHealth Corp., together with its subsidiaries, sells home medical equipment (HME), medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, such as CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; medical devices and supplies, including continuous glucose monitors and insulin pumps for the treatment of diabetes; HME to patients discharged from acute care and other facilities; oxygen and related chronic therapy services in the home; and other HME devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy, and nutritional supply needs.