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

AdaptHealth Corp. (NASDAQ:AHCO) shares gapped down before the market opened on Tuesday . The stock had previously closed at $10.15, but opened at $8.94. AdaptHealth shares last traded at $9.06, with a volume of 284,794 shares traded.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 target price on shares of AdaptHealth in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.70.

AdaptHealth Stock Performance

The firm’s 50-day simple moving average is $10.80 and its two-hundred day simple moving average is $10.45. The stock has a market capitalization of $1.23 billion, a PE ratio of -1.72, a PEG ratio of 1.63 and a beta of 1.11. The company has a current ratio of 1.15, a quick ratio of 0.94 and a debt-to-equity ratio of 1.38.

AdaptHealth (NASDAQ:AHCO) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.06). The business had revenue of $805.98 million for the quarter, compared to analyst estimates of $802.62 million. AdaptHealth had a negative net margin of 21.20% and a positive return on equity of 9.58%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. On average, equities research analysts expect that AdaptHealth Corp. will post 0.87 earnings per share for the current fiscal year.

Insider Buying and Selling at AdaptHealth

In other news, Director David Solomon Williams III sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $11.26, for a total value of $45,040.00. Following the completion of the sale, the director now directly owns 36,899 shares of the company’s stock, valued at $415,482.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David Solomon Williams III sold 4,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $11.26, for a total value of $45,040.00. Following the transaction, the director now directly owns 36,899 shares of the company’s stock, valued at approximately $415,482.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Shaw Rietkerk sold 25,000 shares of AdaptHealth stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.24, for a total value of $281,000.00. Following the sale, the chief operating officer now directly owns 212,611 shares of the company’s stock, valued at approximately $2,389,747.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.43% of the company’s stock.

Hedge Funds Weigh In On AdaptHealth

A number of hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd increased its stake in shares of AdaptHealth by 279.6% during the 1st quarter. Covestor Ltd now owns 3,109 shares of the company’s stock worth $36,000 after purchasing an additional 2,290 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in AdaptHealth during the second quarter valued at about $58,000. Blue Trust Inc. acquired a new stake in shares of AdaptHealth in the second quarter worth about $85,000. Innealta Capital LLC bought a new stake in shares of AdaptHealth during the 2nd quarter worth about $101,000. Finally, Quest Partners LLC increased its holdings in shares of AdaptHealth by 11,522.7% during the 2nd quarter. Quest Partners LLC now owns 10,228 shares of the company’s stock valued at $102,000 after acquiring an additional 10,140 shares during the last quarter. Institutional investors and hedge funds own 82.67% of the company’s stock.

AdaptHealth Company Profile

AdaptHealth Corp., together with its subsidiaries, sells home medical equipment (HME), medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, such as CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; medical devices and supplies, including continuous glucose monitors and insulin pumps for the treatment of diabetes; HME to patients discharged from acute care and other facilities; oxygen and related chronic therapy services in the home; and other HME devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy, and nutritional supply needs.