AdaptHealth (NASDAQ:AHCO) Shares Down 14.2% on Disappointing Earnings

AdaptHealth Corp. (NASDAQ:AHCO)’s stock price dropped 14.2% during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $8.71 and last traded at $8.8310. Approximately 750,405 shares changed hands during trading, a decline of 17% from the average daily volume of 904,195 shares. The stock had previously closed at $10.29.

The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($1.10). The firm had revenue of $846.29 million during the quarter, compared to the consensus estimate of $832.51 million. AdaptHealth had a return on equity of 4.85% and a net margin of 2.53%.The business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS.

Analyst Ratings Changes

Several research firms have recently issued reports on AHCO. Canaccord Genuity Group raised their target price on shares of AdaptHealth from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Weiss Ratings raised AdaptHealth from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, January 30th. Wall Street Zen downgraded shares of AdaptHealth from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Zacks Research upgraded AdaptHealth from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 1st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, AdaptHealth has an average rating of “Moderate Buy” and a consensus target price of $14.25.

Insider Buying and Selling at AdaptHealth

In other news, Director David Solomon Williams III sold 5,000 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $9.43, for a total value of $47,150.00. Following the completion of the transaction, the director owned 45,045 shares of the company’s stock, valued at $424,774.35. The trade was a 9.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.55% of the company’s stock.

Institutional Trading of AdaptHealth

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AHCO. Vanguard Group Inc. raised its position in shares of AdaptHealth by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 11,768,599 shares of the company’s stock worth $117,215,000 after acquiring an additional 491,106 shares during the period. Deerfield Management Company L.P. lifted its holdings in AdaptHealth by 15.9% during the third quarter. Deerfield Management Company L.P. now owns 11,477,730 shares of the company’s stock valued at $102,726,000 after purchasing an additional 1,572,835 shares in the last quarter. Reinhart Partners LLC. grew its position in shares of AdaptHealth by 10.6% in the fourth quarter. Reinhart Partners LLC. now owns 8,100,785 shares of the company’s stock valued at $80,684,000 after purchasing an additional 773,727 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of AdaptHealth by 7.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,402,699 shares of the company’s stock worth $63,773,000 after purchasing an additional 420,629 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of AdaptHealth by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 2,627,306 shares of the company’s stock worth $26,173,000 after purchasing an additional 19,998 shares during the last quarter. Institutional investors and hedge funds own 82.67% of the company’s stock.

AdaptHealth Stock Performance

The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 1.18 and a beta of 1.72. The firm’s 50-day moving average is $10.27 and its two-hundred day moving average is $9.67. The company has a current ratio of 1.08, a quick ratio of 0.86 and a debt-to-equity ratio of 1.09.

About AdaptHealth

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.