AdaptHealth (NASDAQ:AHCO) Sees Unusually-High Trading Volume – What’s Next?

AdaptHealth Corp. (NASDAQ:AHCO) shares saw strong trading volume on Wednesday . Approximately 2,714,947 shares were traded during mid-day trading, an increase of 86% from the previous session’s volume of 1,462,777 shares.The stock last traded at $6.96 and had previously closed at $6.71.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AHCO. Jefferies Financial Group upgraded shares of AdaptHealth from a “hold” rating to a “buy” rating and raised their price target for the stock from $11.00 to $13.00 in a report on Tuesday, July 21st. Truist Financial decreased their price objective on AdaptHealth from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday. Weiss Ratings reiterated a “sell (d)” rating on shares of AdaptHealth in a research report on Friday, May 22nd. Robert W. Baird set a $10.00 target price on AdaptHealth in a research note on Wednesday. Finally, UBS Group reduced their target price on AdaptHealth from $14.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.29.

AdaptHealth Trading Down 3.6%

The company has a market cap of $793.03 million, a PE ratio of -3.41, a price-to-earnings-growth ratio of 0.33 and a beta of 1.47. The company has a quick ratio of 0.71, a current ratio of 1.12 and a debt-to-equity ratio of 1.37. The business has a 50-day simple moving average of $10.05 and a 200-day simple moving average of $10.59.

Insider Transactions at AdaptHealth

In other AdaptHealth news, insider Russell E. Schuster III sold 11,275 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $10.06, for a total transaction of $113,426.50. Following the sale, the insider directly owned 136,538 shares in the company, valued at $1,373,572.28. This represents a 7.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On AdaptHealth

A number of hedge funds have recently added to or reduced their stakes in AHCO. Deerfield Management Company L.P. boosted its stake in shares of AdaptHealth by 15.9% in 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 buying an additional 1,572,835 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of AdaptHealth by 15.6% during the third quarter. Dimensional Fund Advisors LP now owns 5,982,070 shares of the company’s stock worth $53,537,000 after buying an additional 809,459 shares during the period. Reinhart Partners LLC. increased its stake in shares of AdaptHealth by 10.6% during the fourth quarter. Reinhart Partners LLC. now owns 8,100,785 shares of the company’s stock worth $80,684,000 after buying an additional 773,727 shares during the period. Iron Triangle Partners LP raised its holdings in AdaptHealth by 35.6% in the fourth quarter. Iron Triangle Partners LP now owns 2,609,003 shares of the company’s stock valued at $25,986,000 after acquiring an additional 684,871 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in AdaptHealth by 1,246.3% in the second quarter. Lazard Asset Management LLC now owns 686,720 shares of the company’s stock valued at $6,474,000 after acquiring an additional 635,713 shares in the last quarter. 82.67% of the stock is currently owned by institutional investors and hedge funds.

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.