AdaptHealth (NASDAQ:AHCO) Sets New 12-Month High - Here's What Happened

Key Points

• AdaptHealth's stock hit a new 52-week high intraday at $13.40 and last traded around $13.08 on volume of 1,183,010 shares, while analysts' consensus rating is a Hold with a $13.00 price target.
• The company reported a quarterly EPS loss of ($0.76) versus analysts' $0.34 estimate, though revenue beat at $846.29 million; net margin remained negative at 2.18%.
• Major shareholder Richard M. Cashin Jr. bought 820,528 shares at an average $9.73 in March, raising his stake to about 14.64 million shares, and insiders acquired roughly 2.49 million shares in the past 90 days.

AdaptHealth Corp. (NASDAQ:AHCO - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $13.40 and last traded at $13.08, with a volume of 1183010 shares changing hands. The stock had previously closed at $13.38.

Analyst Ratings Changes

AHCO has been the subject of a number of recent analyst reports. Wall Street Zen downgraded AdaptHealth from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Leerink Partners lowered their price objective on AdaptHealth from $13.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, February 26th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $11.00 price objective on shares of AdaptHealth in a research report on Monday, April 20th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $13.00 price objective on shares of AdaptHealth in a research report on Wednesday, February 25th. Finally, Truist Financial lifted their price objective on AdaptHealth from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $13.00.

AdaptHealth Stock Down 2.2%

The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -23.78, a PEG ratio of 1.51 and a beta of 1.50. The company has a quick ratio of 0.81, a current ratio of 1.02 and a debt-to-equity ratio of 1.15. The stock has a fifty day moving average of $11.14 and a two-hundred day moving average of $10.32.

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

Insiders Place Their Bets

In other news, major shareholder Richard M. Cashin, Jr. bought 820,528 shares of AdaptHealth stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average price of $9.73 per share, for a total transaction of $7,983,737.44. Following the completion of the acquisition, the insider owned 14,638,708 shares of the company's stock, valued at $142,434,628.84. The trade was a 5.94% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired a total of 2,494,518 shares of company stock valued at $24,352,291 in the last 90 days. 1.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. boosted its holdings in AdaptHealth by 433.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,585 shares of the company's stock valued at $26,000 after acquiring an additional 2,100 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of AdaptHealth during the third quarter worth about $35,000. PNC Financial Services Group Inc. lifted its stake in shares of AdaptHealth by 22.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,003 shares of the company's stock worth $70,000 after purchasing an additional 1,279 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of AdaptHealth by 318.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,592 shares of the company's stock worth $90,000 after purchasing an additional 7,297 shares in the last quarter. Finally, Tidal Investments LLC acquired a new position in shares of AdaptHealth during the second quarter worth about $96,000. Institutional investors and hedge funds own 82.67% of the company's stock.

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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