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

AdaptHealth Corp. (NASDAQ:AHCO)’s share price traded up 9% 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 daily volume of 1,742,864 shares. The stock had previously closed at $5.51.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AHCO. Robert W. Baird set a $10.00 target price on AdaptHealth in a report on Wednesday, August 5th. Weiss Ratings restated a “sell (d)” rating on shares of AdaptHealth in a research report on Wednesday, August 19th. Jefferies Financial Group raised shares of AdaptHealth from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $11.00 to $13.00 in a research note on Tuesday, July 21st. Canaccord Genuity Group set a $10.00 target price on shares of AdaptHealth in a report on Wednesday, August 5th. Finally, Truist Financial cut their target price on shares of AdaptHealth from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, AdaptHealth currently has a consensus rating of “Moderate Buy” and an average price target of $10.29.

AdaptHealth Trading Up 10.6%

The company’s 50-day moving average is $8.55 and its 200 day moving average is $10.00. 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 firm has a market cap of $831.02 million, a PE ratio of -3.56, a P/E/G ratio of 0.28 and a beta of 1.47.

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 the consensus estimate of $0.17 by ($1.16). The firm had revenue of $740.31 million for the quarter, compared to analyst estimates of $846.77 million. AdaptHealth had a negative net margin of 7.07% and a positive return on equity of 3.36%. AdaptHealth’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. As a group, sell-side analysts predict that AdaptHealth Corp. will post 0.44 EPS for the current year.

Insider Buying and Selling at AdaptHealth

In other AdaptHealth news, Director Kenneth A. Samet purchased 23,500 shares of the stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $6.38 per share, for a total transaction of $149,930.00. Following the completion of the acquisition, the director owned 48,569 shares of the company’s stock, valued at $309,870.22. This represents a 93.74% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.95% of the company’s stock.

Institutional Investors Weigh In On AdaptHealth

A number of institutional investors have recently bought and sold shares of AHCO. Rockefeller Capital Management L.P. increased its holdings in shares of AdaptHealth by 433.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,585 shares of the company’s stock valued at $26,000 after purchasing an additional 2,100 shares during the period. Public Employees Retirement System of Ohio purchased a new position in AdaptHealth during the second quarter valued at approximately $56,000. PNC Financial Services Group Inc. grew its position in AdaptHealth by 22.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,003 shares of the company’s stock valued at $70,000 after purchasing an additional 1,279 shares in the last quarter. Assetmark Inc. increased its stake in AdaptHealth by 54.8% in the 1st quarter. Assetmark Inc. now owns 6,952 shares of the company’s stock valued at $83,000 after buying an additional 2,460 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in AdaptHealth by 318.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,592 shares of the company’s stock valued at $90,000 after buying an additional 7,297 shares during the period. 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.