AdaptHealth (NASDAQ:AHCO) Shares Gap Down – Here’s Why

AdaptHealth Corp. (NASDAQ:AHCO) 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.

Analysts Set New Price Targets

AHCO has been the subject of several recent analyst reports. Royal Bank Of Canada decreased their target price 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. Wall Street Zen lowered shares of AdaptHealth from a “hold” rating to a “sell” rating in a report on Sunday, August 16th. Jefferies Financial Group upgraded shares of AdaptHealth from a “hold” rating to a “buy” rating and upped their price target for the company from $11.00 to $13.00 in a research report on Tuesday, July 21st. Canaccord Genuity Group set a $10.00 price objective on shares of AdaptHealth in a research note on Wednesday, August 5th. Finally, Robert W. Baird set a $10.00 price objective on shares of AdaptHealth in a research report on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.29.

AdaptHealth Price Performance

The stock has a market capitalization of $797.59 million, a price-to-earnings ratio of -3.42 and a beta of 1.39. The company has a current ratio of 1.12, a quick ratio of 0.98 and a debt-to-equity ratio of 1.37. The stock has a 50-day simple moving average of $7.96 and a 200 day simple moving average of $9.80.

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

Insider Buying and Selling

In related news, Director Kenneth Samet acquired 23,500 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.38 per share, for a total transaction of $149,930.00. Following the purchase, the director owned 48,569 shares in the company, valued at $309,870.22. This represents a 93.74% 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 link. Insiders own 1.95% of the company’s stock.

Institutional Investors Weigh In On AdaptHealth

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Deerfield Management Company L.P. lifted its holdings in shares of AdaptHealth by 15.9% during the 3rd 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 grew its stake in shares of AdaptHealth by 1,045.7% in the 2nd quarter. California State Teachers Retirement System now owns 991,942 shares of the company’s stock valued at $95,196,000 after buying an additional 905,361 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in AdaptHealth by 15.6% in the third quarter. Dimensional Fund Advisors LP now owns 5,982,070 shares of the company’s stock worth $53,537,000 after buying an additional 809,459 shares during the last quarter. Reinhart Partners LLC. increased its holdings in AdaptHealth by 10.6% in 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. Finally, Iron Triangle Partners LP raised its position in AdaptHealth by 35.6% during the fourth 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. Hedge funds and other institutional investors 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.