AdaptHealth (NASDAQ:AHCO) Stock Price Breaks Above Fifty Day Moving Average – Here’s What Happened

AdaptHealth Corp. (NASDAQ:AHCO) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $5.87 and traded as high as $6.08. AdaptHealth shares last traded at $6.03, with a volume of 1,558,587 shares trading hands.

Analysts Set New Price Targets

AHCO has been the subject of a number of recent research reports. Canaccord Genuity Group set a $10.00 price target on AdaptHealth in a research note on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of AdaptHealth in a report on Wednesday, August 19th. Royal Bank Of Canada lowered their price target on AdaptHealth from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Truist Financial dropped their price objective on AdaptHealth from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Jefferies Financial Group upgraded AdaptHealth from a “hold” rating to a “buy” rating and increased their price objective for the stock from $11.00 to $13.00 in a report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.14.

AdaptHealth Price Performance

The stock’s 50 day moving average price is $5.87 and its two-hundred day moving average price is $9.21. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.12 and a quick ratio of 0.98. The firm has a market capitalization of $822.13 million, a price-to-earnings ratio of -3.53 and a beta of 1.42.

AdaptHealth (NASDAQ:AHCO) last posted its quarterly earnings data 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). AdaptHealth had a positive return on equity of 3.36% and a negative net margin of 7.07%. The firm had revenue of $740.31 million for the quarter, compared to the consensus estimate of $846.77 million. During the same period in the prior year, the company posted $0.10 earnings per share. AdaptHealth’s quarterly revenue was down 7.5% on a year-over-year basis.

Insider Buying and Selling

In other news, Director Kenneth Samet bought 23,500 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was purchased at an average price of $6.38 per share, with a total value of $149,930.00. Following the transaction, the director directly owned 48,569 shares in the company, valued at approximately $309,870.22. The trade was a 93.74% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On AdaptHealth

Several large investors have recently made changes to their positions in AHCO. Dimensional Fund Advisors LP grew its holdings in AdaptHealth by 8.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,920,973 shares of the company’s stock valued at $82,353,000 after buying an additional 518,274 shares during the last quarter. Principal Financial Group Inc. increased its position in AdaptHealth by 25.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,784,316 shares of the company’s stock worth $33,133,000 after buying an additional 558,357 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of AdaptHealth by 35.0% during the first quarter. Lazard Asset Management LLC now owns 1,669,454 shares of the company’s stock worth $19,867,000 after buying an additional 432,664 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of AdaptHealth by 87.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 847,085 shares of the company’s stock worth $10,080,000 after buying an additional 395,668 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of AdaptHealth by 1.4% during the first quarter. Empowered Funds LLC now owns 622,904 shares of the company’s stock worth $7,413,000 after buying an additional 8,602 shares during the last quarter. Institutional investors and hedge funds own 82.67% of the company’s stock.

About AdaptHealth

AdaptHealth Corp. (NASDAQ: AHCO) is a provider of home medical equipment, supplies and related healthcare services in the United States. The company helps patients manage chronic conditions and recover from illness or injury outside of traditional healthcare facilities, working with individuals, caregivers, physicians and payers.

Its products and services include respiratory equipment and supplies, oxygen therapy, sleep therapy devices such as continuous positive airway pressure systems, diabetes management products, mobility and accessibility equipment, and other durable medical equipment.