AdaptHealth (NASDAQ:AHCO) Share Price Crosses Above 50 Day Moving Average – Here’s Why

AdaptHealth Corp. (NASDAQ:AHCO)’s stock price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $5.87 and traded as high as $6.08. AdaptHealth shares last traded at $6.03, with a volume of 1,558,587 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AHCO shares. Canaccord Genuity Group set a $10.00 target price on shares of AdaptHealth in a report on Wednesday, August 5th. Wall Street Zen lowered shares of AdaptHealth from a “hold” rating to a “sell” rating in a research note on Sunday, August 16th. Jefferies Financial Group upgraded shares of AdaptHealth from a “hold” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $13.00 in a research note on Tuesday, July 21st. Weiss Ratings reissued a “sell (d)” rating on shares of AdaptHealth in a research report on Wednesday, August 19th. Finally, Royal Bank Of Canada decreased their price objective on shares of AdaptHealth from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Seven 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.14.

AdaptHealth Stock Performance

The company has a market cap of $792.14 million, a PE ratio of 16.94 and a beta of 1.42. The stock has a 50 day simple moving average of $5.88 and a two-hundred day simple moving average of $9.16. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.12 and a quick ratio of 0.98.

AdaptHealth (NASDAQ:AHCO) last announced its earnings results on Tuesday, August 4th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.16). AdaptHealth had a positive return on equity of 3.36% and a negative net margin of 7.07%. The business had revenue of $740.31 million for the quarter, compared to analysts’ expectations of $846.77 million. During the same quarter last year, the business posted $0.10 earnings per share. The business’s revenue was down 7.5% on a year-over-year basis.

Insider Buying and Selling

In other AdaptHealth news, Director Kenneth Samet acquired 23,500 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $6.38 per share, for a total transaction of $149,930.00. Following the completion of the purchase, the director owned 48,569 shares in the company, valued at $309,870.22. This trade represents a 93.74% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.95% of the company’s stock.

Institutional Investors Weigh In On AdaptHealth

Several hedge funds have recently made changes to their positions in AHCO. Rockefeller Capital Management L.P. raised its stake in shares of AdaptHealth by 433.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,585 shares of the company’s stock worth $26,000 after purchasing an additional 2,100 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of AdaptHealth by 54.8% during the first quarter. Assetmark Inc. now owns 6,952 shares of the company’s stock worth $83,000 after purchasing an additional 2,460 shares during the period. State of Wyoming lifted its holdings in shares of AdaptHealth by 9.3% during the first quarter. State of Wyoming now owns 28,986 shares of the company’s stock worth $345,000 after purchasing an additional 2,464 shares during the period. Cetera Investment Advisers lifted its holdings in shares of AdaptHealth by 10.3% during the first quarter. Cetera Investment Advisers now owns 34,329 shares of the company’s stock worth $409,000 after purchasing an additional 3,212 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in AdaptHealth by 49.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 15,644 shares of the company’s stock valued at $186,000 after buying an additional 5,171 shares during the last quarter. Institutional investors and hedge funds own 82.67% of the company’s stock.

About AdaptHealth

AdaptHealth Corp. (NASDAQ: AHCO) is a provider of home medical equipment, supplies and related healthcare services in the United States. The company helps patients manage chronic conditions and recover from illness or injury outside of traditional healthcare facilities, working with individuals, caregivers, physicians and payers.

Its products and services include respiratory equipment and supplies, oxygen therapy, sleep therapy devices such as continuous positive airway pressure systems, diabetes management products, mobility and accessibility equipment, and other durable medical equipment.