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

AdaptHealth Corp. (NASDAQ:AHCO) was the recipient of a large decline in short interest during the month of January. As of January 15th, there was short interest totalling 8,510,000 shares, a decline of 12.0% from the December 31st total of 9,670,000 shares. Based on an average trading volume of 1,110,000 shares, the days-to-cover ratio is presently 7.7 days. Currently, 9.8% of the company’s stock are sold short.

Wall Street Analyst Weigh In

AHCO has been the topic of several recent analyst reports. Royal Bank of Canada dropped their target price on shares of AdaptHealth from $13.00 to $11.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. UBS Group reduced their price objective on AdaptHealth from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Truist Financial cut their price target on shares of AdaptHealth from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Canaccord Genuity Group decreased their price objective on shares of AdaptHealth from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Robert W. Baird dropped their target price on shares of AdaptHealth from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $12.40.

AdaptHealth Price Performance

Shares of NASDAQ:AHCO opened at $10.71 on Friday. AdaptHealth has a 12 month low of $6.91 and a 12 month high of $11.90. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 1.34. The stock has a market cap of $1.44 billion, a P/E ratio of -6.49, a P/E/G ratio of 1.32 and a beta of 1.09. The company has a 50 day moving average of $9.98 and a 200 day moving average of $10.38.

AdaptHealth (NASDAQ:AHCO) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.02). AdaptHealth had a positive return on equity of 9.62% and a negative net margin of 6.57%. The firm had revenue of $805.90 million during the quarter, compared to the consensus estimate of $809.32 million. During the same period in the previous year, the company posted $0.19 EPS. The company’s revenue for the quarter was up .2% compared to the same quarter last year. As a group, sell-side analysts forecast that AdaptHealth will post 0.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its holdings in shares of AdaptHealth by 24.1% in the 4th quarter. Blue Trust Inc. now owns 5,746 shares of the company’s stock worth $55,000 after buying an additional 1,115 shares during the last quarter. Quarry LP increased its stake in AdaptHealth by 4,596.9% in the third quarter. Quarry LP now owns 5,965 shares of the company’s stock valued at $67,000 after acquiring an additional 5,838 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in AdaptHealth by 15.4% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,663 shares of the company’s stock valued at $121,000 after acquiring an additional 1,690 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in AdaptHealth during the third quarter valued at about $122,000. Finally, MBB Public Markets I LLC bought a new stake in AdaptHealth during the second quarter worth about $142,000. 82.67% of the stock is currently owned by institutional investors.

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.