AdaptHealth (NASDAQ:AHCO) Hits New 52-Week High - Still a Buy?

Key Points

• AdaptHealth hit a new 52-week high, trading as high as $12.94 (last $12.8080) on volume of 474,235 shares and a market cap around $1.74 billion.
• Analyst sentiment is mixed with an average rating of Hold and a consensus target of $13.00 (four Buys, two Holds, one Sell), while Truist raised its price target to $14.
• The company missed EPS dramatically (reported -$0.76 vs. $0.34 expected) despite revenue beating estimates at $846.29M, and major shareholder Richard M. Cashin Jr. recently bought 820,528 shares, boosting insider ownership.

AdaptHealth Corp. (NASDAQ:AHCO - Get Free Report)'s share price hit a new 52-week high on Friday . The stock traded as high as $12.94 and last traded at $12.8080, with a volume of 474235 shares. The stock had previously closed at $12.73.

Analysts Set New Price Targets

A number of analysts recently weighed in on AHCO shares. Wall Street Zen lowered shares of AdaptHealth from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Weiss Ratings lowered shares of AdaptHealth from a "hold (c-)" rating to a "sell (d)" rating in a report on Wednesday, February 25th. Zacks Research upgraded shares of AdaptHealth from a "strong sell" rating to a "hold" rating in a report on Thursday, January 1st. Truist Financial increased their price objective on shares of AdaptHealth from $13.00 to $14.00 and gave the company a "buy" rating in a report on Monday, April 13th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $11.00 price objective on shares of AdaptHealth in a report on Monday. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, AdaptHealth currently has an average rating of "Hold" and a consensus target price of $13.00.

AdaptHealth Trading Up 0.6%

The business has a 50-day simple moving average of $10.91 and a two-hundred day simple moving average of $10.20. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.02 and a quick ratio of 0.81. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of -23.29, a P/E/G ratio of 1.46 and a beta of 1.50.

AdaptHealth (NASDAQ:AHCO - Get Free Report) last posted its earnings results on Tuesday, February 24th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($1.10). AdaptHealth had a positive return on equity of 3.42% and a negative net margin of 2.18%.The company had revenue of $846.29 million for the quarter, compared to analyst estimates of $832.51 million. During the same quarter in the prior year, the business posted $0.34 EPS. The business's quarterly revenue was down 1.2% compared to the same quarter last year. Equities analysts forecast that AdaptHealth Corp. will post 0.79 EPS for the current fiscal year.

Insider Activity at AdaptHealth

In other news, major shareholder Richard M. Cashin, Jr. bought 820,528 shares of the company's stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $9.73 per share, for a total transaction of $7,983,737.44. Following the transaction, the insider owned 14,638,708 shares of the company's stock, valued at $142,434,628.84. This represents a 5.94% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders have purchased 2,494,518 shares of company stock valued at $24,352,291. 1.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AdaptHealth

Hedge funds and other institutional investors have recently made changes to their positions in the company. Deerfield Management Company L.P. grew its holdings in shares of AdaptHealth by 15.9% during the 3rd 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 during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of AdaptHealth by 15.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,982,070 shares of the company's stock valued at $53,537,000 after purchasing an additional 809,459 shares during the last quarter. Reinhart Partners LLC. grew its holdings in shares of AdaptHealth by 10.6% during the 4th 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 last quarter. Kennedy Capital Management LLC grew its holdings in shares of AdaptHealth by 48.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 2,090,138 shares of the company's stock valued at $18,707,000 after purchasing an additional 685,554 shares during the last quarter. Finally, Iron Triangle Partners LP grew its holdings in shares of AdaptHealth by 35.6% during the 4th quarter. Iron Triangle Partners LP now owns 2,609,003 shares of the company's stock valued at $25,986,000 after purchasing an additional 684,871 shares during the last quarter. 82.67% of the stock is currently owned by institutional investors and hedge funds.

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.

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