AdaptHealth (NASDAQ:AHCO) Trading Down 4% – What’s Next?

AdaptHealth Corp. (NASDAQ:AHCO) shares fell 4% during mid-day trading on Wednesday . The stock traded as low as $9.76 and last traded at $9.7310. 426,584 shares were traded during mid-day trading, a decline of 67% from the average session volume of 1,308,663 shares. The stock had previously closed at $10.14.

Analyst Upgrades and Downgrades

AHCO has been the subject of a number of recent analyst reports. UBS Group cut their target price on AdaptHealth from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d)” rating on shares of AdaptHealth in a report on Friday, May 22nd. Robert W. Baird set a $18.00 price target on AdaptHealth in a report on Wednesday, May 6th. Jefferies Financial Group reissued a “hold” rating and set a $11.00 price target on shares of AdaptHealth in a report on Monday, April 20th. Finally, Canaccord Genuity Group boosted their price target on AdaptHealth from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.29.

AdaptHealth Price Performance

The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.71 and a current ratio of 0.92. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -15.77, a PEG ratio of 0.51 and a beta of 1.47. The business has a fifty day moving average price of $11.26 and a 200 day moving average price of $10.58.

AdaptHealth (NASDAQ:AHCO) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.13). AdaptHealth had a positive return on equity of 2.76% and a negative net margin of 2.42%.The business had revenue of $819.80 million for the quarter, compared to analyst estimates of $796.63 million. During the same period last year, the firm posted ($0.05) EPS. AdaptHealth’s quarterly revenue was up 5.4% on a year-over-year basis. As a group, research analysts anticipate that AdaptHealth Corp. will post 0.44 earnings per share for the current year.

Insider Activity

In related news, insider Russell E. Schuster III sold 11,275 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $10.06, for a total transaction of $113,426.50. Following the sale, the insider owned 136,538 shares in the company, valued at $1,373,572.28. This represents a 7.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Richard M. Cashin, Jr. bought 447,100 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The shares were acquired at an average price of $9.91 per share, for a total transaction of $4,430,761.00. Following the transaction, the insider owned 16,312,698 shares in the company, valued at $161,658,837.18. This represents a 2.82% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.95% of the company’s stock.

Institutional Investors Weigh In On AdaptHealth

Several institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its position in shares of AdaptHealth by 22.3% during the 4th 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. MetLife Investment Management LLC boosted its position in shares of AdaptHealth by 3.1% during the 4th quarter. MetLife Investment Management LLC now owns 57,364 shares of the company’s stock valued at $571,000 after purchasing an additional 1,749 shares in the last quarter. Corient Private Wealth LLC boosted its position in shares of AdaptHealth by 8.6% during the 4th quarter. Corient Private Wealth LLC now owns 22,562 shares of the company’s stock valued at $227,000 after purchasing an additional 1,794 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of AdaptHealth by 433.0% during 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 in the last quarter. Finally, Assetmark Inc. boosted its position in shares of AdaptHealth by 54.8% during the 1st quarter. Assetmark Inc. now owns 6,952 shares of the company’s stock valued at $83,000 after purchasing an additional 2,460 shares in the last quarter. 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.