AdaptHealth (NASDAQ:AHCO) Shares Gap Down Following Weak Earnings

AdaptHealth Corp. (NASDAQ:AHCO)’s stock price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $10.15, but opened at $8.94. AdaptHealth shares last traded at $9.06, with a volume of 284,794 shares traded.

The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.02). The company had revenue of $805.90 million during the quarter, compared to analysts’ expectations of $809.32 million. AdaptHealth had a negative net margin of 21.20% and a positive return on equity of 9.58%. The business’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 earnings per share.

Wall Street Analyst Weigh In

AHCO has been the subject of a number of research analyst reports. UBS Group reduced their target price on AdaptHealth from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $13.00 price objective on shares of AdaptHealth in a research note on Monday, August 12th. Canaccord Genuity Group decreased their target price on AdaptHealth from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Robert W. Baird cut their price target on shares of AdaptHealth from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, AdaptHealth presently has an average rating of “Moderate Buy” and a consensus target price of $11.36.

Insider Transactions at AdaptHealth

In related news, Director David Solomon Williams III sold 4,000 shares of AdaptHealth stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $11.26, for a total transaction of $45,040.00. Following the completion of the transaction, the director now directly owns 36,899 shares in the company, valued at approximately $415,482.74. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Shaw Rietkerk sold 25,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $11.24, for a total transaction of $281,000.00. Following the sale, the chief operating officer now directly owns 212,611 shares of the company’s stock, valued at $2,389,747.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Solomon Williams III sold 4,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $11.26, for a total value of $45,040.00. Following the sale, the director now owns 36,899 shares in the company, valued at $415,482.74. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.43% of the company’s stock.

Hedge Funds Weigh In On AdaptHealth

Hedge funds have recently bought and sold shares of the business. Mutual of America Capital Management LLC raised its stake in shares of AdaptHealth by 23.8% during the 3rd quarter. Mutual of America Capital Management LLC now owns 15,893 shares of the company’s stock worth $178,000 after buying an additional 3,052 shares during the period. Empowered Funds LLC increased its holdings in AdaptHealth by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 570,900 shares of the company’s stock worth $6,411,000 after acquiring an additional 29,078 shares in the last quarter. Royce & Associates LP raised its position in AdaptHealth by 13.5% during the third quarter. Royce & Associates LP now owns 777,405 shares of the company’s stock worth $8,730,000 after acquiring an additional 92,740 shares during the period. CIBC Asset Management Inc purchased a new position in AdaptHealth during the third quarter valued at $122,000. Finally, Oppenheimer Asset Management Inc. grew its position in shares of AdaptHealth by 33.8% in the third quarter. Oppenheimer Asset Management Inc. now owns 27,814 shares of the company’s stock valued at $312,000 after purchasing an additional 7,031 shares during the period. Hedge funds and other institutional investors own 82.67% of the company’s stock.

AdaptHealth Stock Up 10.9 %

The company has a debt-to-equity ratio of 1.38, a current ratio of 1.15 and a quick ratio of 0.94. The business’s 50 day moving average price is $10.74 and its 200 day moving average price is $10.44. The firm has a market cap of $1.37 billion, a PE ratio of -1.95, a PEG ratio of 1.63 and a beta of 1.11.

AdaptHealth Company 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.