AdaptHealth (NASDAQ:AHCO) Reaches New 52-Week High – Here’s What Happened

Shares of AdaptHealth Corp. (NASDAQ:AHCO) hit a new 52-week high on Wednesday . The company traded as high as $11.69 and last traded at $11.48, with a volume of 2811208 shares traded. The stock had previously closed at $10.37.

Analyst Ratings Changes

AHCO has been the topic of a number of research reports. Leerink Partners reduced their target price on shares of AdaptHealth from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Thursday, February 26th. Weiss Ratings lowered shares of AdaptHealth from a “hold (c-)” rating to a “sell (d)” rating in a report on Wednesday, February 25th. Wall Street Zen cut shares of AdaptHealth from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research upgraded AdaptHealth from a “strong sell” rating to a “hold” rating in a report on Thursday, January 1st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $13.00 target price on shares of AdaptHealth in a research report on Wednesday, February 25th. Four investment 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $13.25.

AdaptHealth Trading Up 0.2%

The firm’s 50 day simple moving average is $10.14 and its two-hundred day simple moving average is $9.76. The stock has a market capitalization of $1.55 billion, a P/E ratio of -20.75, a P/E/G ratio of 1.31 and a beta of 1.76. The company has a quick ratio of 0.81, a current ratio of 1.02 and a debt-to-equity ratio of 1.15.

AdaptHealth (NASDAQ:AHCO) last released its quarterly earnings data on Tuesday, February 24th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($1.10). AdaptHealth had a positive return on equity of 3.42% and a negative net margin of 2.18%.The company had revenue of $846.29 million for the quarter, compared to the consensus estimate of $832.51 million. During the same period last year, the company earned $0.34 EPS. AdaptHealth’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, analysts forecast that AdaptHealth Corp. will post 0.88 earnings per share for the current fiscal year.

Insider Activity

In other AdaptHealth news, major shareholder Richard M. Cashin, Jr. acquired 820,528 shares of AdaptHealth stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average cost of $9.73 per share, for a total transaction of $7,983,737.44. Following the completion of the acquisition, the insider directly owned 14,638,708 shares of the company’s stock, valued at $142,434,628.84. This represents a 5.94% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought 2,494,518 shares of company stock worth $24,352,291 in the last ninety days. 1.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On AdaptHealth

Several large investors have recently added to or reduced their stakes in AHCO. Deerfield Management Company L.P. boosted its stake in AdaptHealth by 15.9% during the 3rd quarter. Deerfield Management Company L.P. now owns 11,477,730 shares of the company’s stock valued at $102,726,000 after purchasing an additional 1,572,835 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of AdaptHealth by 15.6% in the third quarter. Dimensional Fund Advisors LP now owns 5,982,070 shares of the company’s stock worth $53,537,000 after purchasing an additional 809,459 shares during the last quarter. Reinhart Partners LLC. raised its stake in shares of AdaptHealth by 10.6% in the fourth quarter. Reinhart Partners LLC. now owns 8,100,785 shares of the company’s stock worth $80,684,000 after purchasing an additional 773,727 shares during the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of AdaptHealth by 48.8% in the third quarter. Kennedy Capital Management LLC now owns 2,090,138 shares of the company’s stock valued at $18,707,000 after purchasing an additional 685,554 shares in the last quarter. Finally, Iron Triangle Partners LP boosted its position in shares of AdaptHealth by 35.6% during the fourth quarter. Iron Triangle Partners LP now owns 2,609,003 shares of the company’s stock valued at $25,986,000 after buying an additional 684,871 shares during the last quarter. Institutional investors 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.