Iron Triangle Partners LP Makes New $17.50 Million Investment in AdaptHealth Corp. $AHCO

Key Points

• Iron Triangle Partners LP acquired 1,614,045 shares of AdaptHealth Corp. during the first quarter, representing a stake valued at approximately $17.5 million, making it the firm's 17th largest position.
• Several institutional investors, including Reinhart Partners LLC and Dimensional Fund Advisors LP, significantly increased their stakes in AdaptHealth, indicating growing interest from the investment community.
• AdaptHealth currently has a consensus rating of "Buy" from analysts, with an average price target set at $13.40, despite some recent price target reductions from various equity analysts.

Iron Triangle Partners LP acquired a new position in shares of AdaptHealth Corp. (NASDAQ:AHCO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,614,045 shares of the company's stock, valued at approximately $17,496,000. AdaptHealth accounts for about 2.8% of Iron Triangle Partners LP's investment portfolio, making the stock its 17th biggest holding. Iron Triangle Partners LP owned 1.20% of AdaptHealth as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of AdaptHealth by 175.2% during the 1st quarter. GAMMA Investing LLC now owns 7,473 shares of the company's stock worth $81,000 after purchasing an additional 4,758 shares during the period. Brooklyn Investment Group raised its position in AdaptHealth by 531.8% in the first quarter. Brooklyn Investment Group now owns 7,563 shares of the company's stock worth $82,000 after purchasing an additional 6,366 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in AdaptHealth in the first quarter worth about $114,000. Legato Capital Management LLC acquired a new position in AdaptHealth in the first quarter worth about $167,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in AdaptHealth by 25.3% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 15,871 shares of the company's stock worth $172,000 after purchasing an additional 3,208 shares in the last quarter. Institutional investors own 82.67% of the company's stock.

AdaptHealth Trading Down 3.5%

AdaptHealth stock traded down $0.33 during midday trading on Tuesday, hitting $9.16. 819,030 shares of the stock were exchanged, compared to its average volume of 1,407,674. The company has a fifty day simple moving average of $9.32 and a two-hundred day simple moving average of $9.25. AdaptHealth Corp. has a 52 week low of $7.11 and a 52 week high of $11.70. The stock has a market capitalization of $1.24 billion, a PE ratio of 16.96, a P/E/G ratio of 1.06 and a beta of 1.59. The company has a quick ratio of 0.82, a current ratio of 1.06 and a debt-to-equity ratio of 1.14.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AHCO. Royal Bank Of Canada decreased their price objective on shares of AdaptHealth from $14.00 to $13.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Truist Financial dropped their price objective on shares of AdaptHealth from $14.00 to $13.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Wall Street Zen raised shares of AdaptHealth from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $13.40.

Insiders Place Their Bets

In other AdaptHealth news, Director David Solomon Williams III sold 8,200 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $9.73, for a total transaction of $79,786.00. Following the sale, the director directly owned 50,045 shares in the company, valued at approximately $486,937.85. This trade represents a 14.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.55% of the stock is owned by insiders.

AdaptHealth 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.