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

AdaptHealth Corp. (NASDAQ:AHCO) was the recipient of a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 8,510,000 shares, a drop of 12.0% from the December 15th total of 9,670,000 shares. Currently, 9.8% of the shares of the company are short sold. Based on an average daily trading volume, of 1,110,000 shares, the short-interest ratio is currently 7.7 days.

Wall Street Analyst Weigh In

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

AdaptHealth Price Performance

Shares of AHCO stock opened at $10.52 on Friday. 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 has a 50 day moving average price of $9.91 and a 200 day moving average price of $10.34. AdaptHealth has a 52-week low of $6.58 and a 52-week high of $11.90. The firm has a market capitalization of $1.42 billion, a P/E ratio of -6.38, a P/E/G ratio of 1.31 and a beta of 1.09.

AdaptHealth (NASDAQ:AHCO) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). The company had revenue of $805.90 million for the quarter, compared to the consensus estimate of $809.32 million. AdaptHealth had a negative net margin of 6.57% and a positive return on equity of 9.62%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. As a group, sell-side analysts predict that AdaptHealth will post 0.88 earnings per share for the current year.

Institutional Trading of AdaptHealth

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC boosted its position in AdaptHealth by 9.3% during the 3rd quarter. FMR LLC now owns 7,350,549 shares of the company’s stock valued at $82,547,000 after acquiring an additional 624,645 shares in the last quarter. Reinhart Partners LLC. increased its position in shares of AdaptHealth by 1.1% during the fourth quarter. Reinhart Partners LLC. now owns 6,266,854 shares of the company’s stock worth $59,660,000 after purchasing an additional 68,212 shares in the last quarter. State Street Corp lifted its holdings in shares of AdaptHealth by 19.8% during the 3rd quarter. State Street Corp now owns 4,124,284 shares of the company’s stock valued at $46,316,000 after purchasing an additional 681,816 shares during the last quarter. Segall Bryant & Hamill LLC grew its stake in AdaptHealth by 15.5% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 3,701,808 shares of the company’s stock worth $41,571,000 after buying an additional 496,453 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in AdaptHealth by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,451,173 shares of the company’s stock valued at $27,532,000 after buying an additional 265,712 shares in the last quarter. 82.67% of the stock is owned by hedge funds and other 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.