AdaptHealth (NASDAQ:AHCO) Stock Price Down 3.8% Following Analyst Downgrade

Shares of AdaptHealth Corp. (NASDAQ:AHCO) were down 3.8% during mid-day trading on Thursday after Robert W. Baird lowered their price target on the stock from $10.00 to $9.00. Robert W. Baird currently has an outperform rating on the stock. AdaptHealth traded as low as $5.71 and last traded at $5.6850. Approximately 199,777 shares traded hands during trading, a decline of 89% from the average session volume of 1,818,655 shares. The stock had previously closed at $5.91.

AHCO has been the subject of a number of other research reports. Royal Bank Of Canada reduced their target price on AdaptHealth from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. UBS Group lowered their price objective on AdaptHealth from $14.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Weiss Ratings reissued a “sell (d)” rating on shares of AdaptHealth in a research report on Wednesday, August 19th. Truist Financial cut their target price on shares of AdaptHealth from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Finally, Jefferies Financial Group raised AdaptHealth from a “hold” rating to a “buy” rating and increased their target price for the stock from $11.00 to $13.00 in a report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, AdaptHealth has a consensus rating of “Moderate Buy” and an average price target of $10.14.

Insider Activity

In related news, Director Kenneth Samet acquired 23,500 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.38 per share, for a total transaction of $149,930.00. Following the completion of the acquisition, the director directly owned 48,569 shares in the company, valued at approximately $309,870.22. The trade was a 93.74% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AdaptHealth

Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in AdaptHealth by 8.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,920,973 shares of the company’s stock valued at $82,353,000 after buying an additional 518,274 shares during the last quarter. Reinhart Partners LLC. raised its holdings in shares of AdaptHealth by 10.6% in the 4th quarter. Reinhart Partners LLC. now owns 8,100,785 shares of the company’s stock valued at $80,684,000 after purchasing an additional 773,727 shares during the period. Principal Financial Group Inc. lifted its stake in AdaptHealth by 25.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,784,316 shares of the company’s stock valued at $33,133,000 after purchasing an additional 558,357 shares during the last quarter. Kennedy Capital Management LLC lifted its stake in AdaptHealth by 15.2% in the 4th quarter. Kennedy Capital Management LLC now owns 2,408,038 shares of the company’s stock valued at $23,984,000 after purchasing an additional 317,900 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in AdaptHealth by 35.0% during the first quarter. Lazard Asset Management LLC now owns 1,669,454 shares of the company’s stock worth $19,867,000 after purchasing an additional 432,664 shares during the period. 82.67% of the stock is owned by institutional investors.

AdaptHealth Price Performance

The company has a market capitalization of $773.32 million, a P/E ratio of -3.31 and a beta of 1.39. The company has a 50 day moving average price of $7.61 and a 200 day moving average price of $9.70. The company has a current ratio of 1.12, a quick ratio of 0.98 and a debt-to-equity ratio of 1.37.

AdaptHealth (NASDAQ:AHCO) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($1.16). AdaptHealth had a negative net margin of 7.07% and a positive return on equity of 3.36%. The company had revenue of $740.31 million during the quarter, compared to the consensus estimate of $846.77 million. During the same period in the previous year, the company earned $0.10 earnings per share. AdaptHealth’s revenue for the quarter was down 7.5% compared to the same quarter last year.

About AdaptHealth

AdaptHealth Corp. (NASDAQ: AHCO) is a provider of home medical equipment, medical supplies and related healthcare services in the United States. The company supports patients who require ongoing care outside of traditional healthcare facilities and works with physicians, hospitals, insurers and other referral sources to coordinate equipment delivery, setup and clinical support.

AdaptHealth’s offerings include respiratory equipment such as oxygen systems, ventilators and continuous positive airway pressure (CPAP) devices; diabetes supplies; sleep therapy products; mobility equipment; wheelchairs; wound-care products; and other home medical equipment and disposable supplies.