Quipt Home Medical Corp. $QIPT Shares Sold by Kanen Wealth Management LLC

Key Points

• Kanen Wealth Management LLC reduced its holdings in Quipt Home Medical Corp. by 35.1%, selling over 1 million shares and now owning approximately 4.44% of the company.
• The company's earnings report revealed a loss of ($0.07) EPS, falling short of expectations by ($0.10), with revenue of $58.30 million compared to an expected $80.37 million.
• Analyst ratings for Quipt Home Medical show mixed sentiment, with a consensus rating of "Moderate Buy" and an average price target of $3.15.

Kanen Wealth Management LLC cut its holdings in shares of Quipt Home Medical Corp. (NASDAQ:QIPT - Free Report) by 35.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,928,648 shares of the company's stock after selling 1,040,893 shares during the period. Quipt Home Medical makes up about 1.3% of Kanen Wealth Management LLC's investment portfolio, making the stock its 15th largest holding. Kanen Wealth Management LLC owned about 4.44% of Quipt Home Medical worth $3,452,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Russell Investments Group Ltd. boosted its position in shares of Quipt Home Medical by 6.5% during the first quarter. Russell Investments Group Ltd. now owns 969,822 shares of the company's stock worth $2,260,000 after buying an additional 59,204 shares during the period. Northern Trust Corp boosted its position in shares of Quipt Home Medical by 2.8% during the fourth quarter. Northern Trust Corp now owns 257,402 shares of the company's stock worth $785,000 after buying an additional 7,095 shares during the period. Pale Fire Capital SE acquired a new position in shares of Quipt Home Medical during the first quarter worth approximately $574,000. Strs Ohio acquired a new position in shares of Quipt Home Medical during the first quarter worth approximately $452,000. Finally, Nuveen LLC acquired a new position in shares of Quipt Home Medical during the first quarter worth approximately $350,000. 42.85% of the stock is currently owned by institutional investors and hedge funds.

Quipt Home Medical Price Performance

NASDAQ QIPT opened at $2.72 on Tuesday. The business's fifty day moving average is $2.36 and its two-hundred day moving average is $2.14. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.75 and a current ratio of 1.15. Quipt Home Medical Corp. has a 1 year low of $1.35 and a 1 year high of $3.27. The stock has a market capitalization of $118.16 million, a P/E ratio of -11.33 and a beta of 0.60.

Quipt Home Medical (NASDAQ:QIPT - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.10). Quipt Home Medical had a negative net margin of 4.30% and a negative return on equity of 9.78%. The firm had revenue of $58.30 million for the quarter, compared to analyst estimates of $80.37 million. On average, research analysts forecast that Quipt Home Medical Corp. will post -0.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

QIPT has been the subject of several analyst reports. Canaccord Genuity Group boosted their price objective on Quipt Home Medical from $1.70 to $2.30 and gave the stock a "hold" rating in a research report on Tuesday, August 19th. Wall Street Zen upgraded Quipt Home Medical from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $3.15.

Quipt Home Medical Company Profile

Quipt Home Medical Corp., through its subsidiaries, engages in the provision of durable and home medical equipment and supplies in the United States. The company offers nebulizers, oxygen concentrators, and CPAP and BiPAP units; traditional and non-traditional durable medical respiratory equipment and services; non-invasive ventilation equipment, supplies, and services; and engages in the rental of medical equipment.

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