AdaptHealth (NASDAQ:AHCO) Stock Price Up 3.4% – Here’s Why

AdaptHealth Corp. (NASDAQ:AHCO)’s stock price shot up 3.4% during trading on Wednesday . The company traded as high as $10.43 and last traded at $10.38. 218,281 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 583,790 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

Several brokerages recently weighed in on AHCO. UBS Group cut their price objective on shares of AdaptHealth from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Royal Bank of Canada reduced their price objective on shares of AdaptHealth from $13.00 to $11.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Robert W. Baird lowered their target price on shares of AdaptHealth from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Truist Financial reduced their price target on AdaptHealth from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, November 15th. Finally, Canaccord Genuity Group decreased their price target on AdaptHealth from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AdaptHealth has an average rating of “Buy” and an average target price of $12.40.

AdaptHealth Stock Performance

The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.00 and a current ratio of 1.24. The stock’s 50-day simple moving average is $9.86 and its two-hundred day simple moving average is $10.32. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -6.15, a price-to-earnings-growth ratio of 1.36 and a beta of 1.09.

AdaptHealth (NASDAQ:AHCO) last released its earnings results on Tuesday, November 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). AdaptHealth had a negative net margin of 6.57% and a positive return on equity of 9.62%. The business had revenue of $805.90 million during the quarter, compared to analyst estimates of $809.32 million. During the same period last year, the business earned $0.19 EPS. The business’s quarterly revenue was up .2% compared to the same quarter last year. Analysts forecast that AdaptHealth Corp. will post 0.88 earnings per share for the current year.

Hedge Funds Weigh In On AdaptHealth

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in AdaptHealth during the second quarter worth about $58,000. Quarry LP boosted its stake in AdaptHealth by 4,596.9% in the 3rd quarter. Quarry LP now owns 5,965 shares of the company’s stock valued at $67,000 after buying an additional 5,838 shares in the last quarter. Quest Partners LLC grew its position in AdaptHealth by 11,522.7% in the second quarter. Quest Partners LLC now owns 10,228 shares of the company’s stock valued at $102,000 after acquiring an additional 10,140 shares during the period. Johnson Investment Counsel Inc. acquired a new position in AdaptHealth during the second quarter worth $115,000. Finally, CIBC Asset Management Inc bought a new position in shares of AdaptHealth during the third quarter valued at $122,000. 82.67% of the stock is currently owned by institutional investors.

About AdaptHealth

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.