AdaptHealth Corp. (NASDAQ:AHCO) Sees Large Decline in Short Interest

AdaptHealth Corp. (NASDAQ:AHCO) was the target of a large decline in short interest in April. As of April 15th, there was short interest totalling 7,270,000 shares, a decline of 11.4% from the March 31st total of 8,210,000 shares. Based on an average daily volume of 1,140,000 shares, the days-to-cover ratio is currently 6.4 days. Approximately 10.3% of the company’s stock are short sold.

AdaptHealth Price Performance

AdaptHealth stock opened at $9.96 on Monday. The company has a current ratio of 1.21, a quick ratio of 1.00 and a debt-to-equity ratio of 1.44. The business’s 50 day simple moving average is $10.05 and its 200 day simple moving average is $8.44. AdaptHealth has a 12 month low of $6.37 and a 12 month high of $15.37. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -1.88, a PEG ratio of 0.65 and a beta of 1.02.

AdaptHealth (NASDAQ:AHCO) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.44. AdaptHealth had a positive return on equity of 8.84% and a negative net margin of 21.21%. The firm had revenue of $858.23 million for the quarter, compared to analysts’ expectations of $825.94 million. Sell-side analysts forecast that AdaptHealth will post 0.88 EPS for the current year.

Insider Buying and Selling at AdaptHealth

In other news, major shareholder James E. Flynn sold 182,607 shares of AdaptHealth stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $11.02, for a total transaction of $2,012,329.14. Following the completion of the transaction, the insider now directly owns 11,643,769 shares in the company, valued at $128,314,334.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder James E. Flynn sold 52,487 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $10.93, for a total value of $573,682.91. Following the transaction, the insider now owns 11,826,376 shares in the company, valued at $129,262,289.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder James E. Flynn sold 182,607 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $11.02, for a total value of $2,012,329.14. Following the sale, the insider now owns 11,643,769 shares of the company’s stock, valued at approximately $128,314,334.38. The disclosure for this sale can be found here. 13.60% of the stock is currently owned by company insiders.

Institutional Trading of AdaptHealth

Several hedge funds and other institutional investors have recently modified their holdings of the business. Deerfield Management Company L.P. Series C grew its stake in AdaptHealth by 22.7% in the 3rd quarter. Deerfield Management Company L.P. Series C now owns 13,607,940 shares of the company’s stock valued at $123,832,000 after buying an additional 2,513,026 shares in the last quarter. First Eagle Investment Management LLC grew its position in shares of AdaptHealth by 88.7% in the third quarter. First Eagle Investment Management LLC now owns 410,366 shares of the company’s stock valued at $3,734,000 after purchasing an additional 192,900 shares in the last quarter. Federated Hermes Inc. grew its position in shares of AdaptHealth by 672.8% in the fourth quarter. Federated Hermes Inc. now owns 705,125 shares of the company’s stock valued at $5,140,000 after purchasing an additional 613,882 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in AdaptHealth by 24.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 857,812 shares of the company’s stock worth $7,806,000 after purchasing an additional 170,923 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new position in AdaptHealth in the 3rd quarter worth about $809,000. Institutional investors own 82.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on AHCO shares. UBS Group upped their target price on shares of AdaptHealth from $9.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Jefferies Financial Group lowered shares of AdaptHealth from a “buy” rating to a “hold” rating and decreased their price objective for the company from $14.50 to $8.00 in a research note on Monday, January 8th. Royal Bank of Canada restated an “outperform” rating and issued a $13.00 target price on shares of AdaptHealth in a research note on Monday, March 4th. Finally, Truist Financial lifted their price target on AdaptHealth from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.10.

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.