AdaptHealth (NASDAQ:AHCO) Stock Price Breaks Above Fifty Day Moving Average - Here's What Happened

Key Points

• AdaptHealth shares rose 3.1%, trading at $6.03 after reaching $6.08 and moving above the 50-day moving average of $5.87. The stock remains below its 200-day average of $9.21.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $10.14, although recent targets range from $9 to $13 and ratings include both Buy and Sell calls.
• The company reported weaker-than-expected quarterly results, including a $0.99 adjusted EPS loss versus a $0.17 estimate and revenue of $740.31 million versus $846.77 million expected. Director Kenneth Samet nevertheless purchased 23,500 shares, while institutional investors own 82.67% of the stock.

AdaptHealth Corp. (NASDAQ:AHCO - Get Free Report) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $5.87 and traded as high as $6.08. AdaptHealth shares last traded at $6.03, with a volume of 1,558,587 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on AHCO shares. Wall Street Zen lowered AdaptHealth from a "hold" rating to a "sell" rating in a research report on Sunday, August 16th. Truist Financial decreased their price target on AdaptHealth from $14.00 to $9.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Jefferies Financial Group raised AdaptHealth from a "hold" rating to a "buy" rating and lifted their price target for the stock from $11.00 to $13.00 in a research note on Tuesday, July 21st. UBS Group dropped their price target on AdaptHealth from $14.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of AdaptHealth in a report on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.14.

AdaptHealth Stock Up 3.1%

The business's 50 day moving average is $5.87 and its 200 day moving average is $9.21. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.98 and a current ratio of 1.12. The stock has a market cap of $822.13 million, a price-to-earnings ratio of -3.53 and a beta of 1.42.

AdaptHealth (NASDAQ:AHCO - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($1.16). The firm had revenue of $740.31 million for the quarter, compared to analyst estimates of $846.77 million. AdaptHealth had a negative net margin of 7.07% and a positive return on equity of 3.36%. AdaptHealth's revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share.

Insider Buying and Selling at AdaptHealth

In other AdaptHealth news, Director Kenneth Samet purchased 23,500 shares of the stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $6.38 per share, for a total transaction of $149,930.00. Following the completion of the acquisition, the director owned 48,569 shares of the company's stock, valued at $309,870.22. This represents a 93.74% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.95% of the company's stock.

Institutional Trading of AdaptHealth

A number of hedge funds have recently made changes to their positions in AHCO. State of Wyoming boosted its stake in shares of AdaptHealth by 126.4% during the 3rd quarter. State of Wyoming now owns 51,913 shares of the company's stock valued at $293,000 after buying an additional 28,988 shares during the period. Citizens Financial Group Inc. RI purchased a new position in shares of AdaptHealth during the 3rd quarter valued at $69,000. Commonwealth Financial Services LLC purchased a new position in shares of AdaptHealth during the 3rd quarter valued at $88,000. Counterpoint Mutual Funds LLC acquired a new position in shares of AdaptHealth in the third quarter worth $644,000. Finally, Krilogy Financial LLC acquired a new position in shares of AdaptHealth in the third quarter worth $87,000. 82.67% of the stock is owned by hedge funds and other institutional investors.

AdaptHealth Company Profile

AdaptHealth Corp. NASDAQ: AHCO is a provider of home medical equipment, supplies and related healthcare services in the United States. The company helps patients manage chronic conditions and recover from illness or injury outside of traditional healthcare facilities, working with individuals, caregivers, physicians and payers.

Its products and services include respiratory equipment and supplies, oxygen therapy, sleep therapy devices such as continuous positive airway pressure systems, diabetes management products, mobility and accessibility equipment, and other durable medical equipment.

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