AdaptHealth (NASDAQ:AHCO) Shares Down 14.2% on Disappointing Earnings

AdaptHealth Corp. (NASDAQ:AHCO) dropped 14.2% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $8.71 and last traded at $8.8310. Approximately 750,405 shares changed hands during trading, a decline of 17% from the average daily volume of 904,195 shares. The stock had previously closed at $10.29.

The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($1.10). The firm had revenue of $846.29 million for the quarter, compared to analysts’ expectations of $832.51 million. AdaptHealth had a net margin of 2.53% and a return on equity of 4.85%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.34 EPS.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Wall Street Zen downgraded AdaptHealth from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Canaccord Genuity Group increased their price objective on shares of AdaptHealth from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings upgraded shares of AdaptHealth from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, January 30th. Finally, Zacks Research upgraded shares of AdaptHealth from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 1st. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, AdaptHealth presently has an average rating of “Moderate Buy” and an average price target of $14.25.

Insider Activity

In related news, Director David Solomon Williams III sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $9.43, for a total transaction of $47,150.00. Following the completion of the sale, the director directly owned 45,045 shares in the company, valued at approximately $424,774.35. The trade was a 9.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On AdaptHealth

A number of hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. raised its holdings in AdaptHealth by 22.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,003 shares of the company’s stock worth $70,000 after purchasing an additional 1,279 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in AdaptHealth by 6.6% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,095 shares of the company’s stock worth $256,000 after acquiring an additional 1,671 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in AdaptHealth by 3.1% during the fourth quarter. MetLife Investment Management LLC now owns 57,364 shares of the company’s stock valued at $571,000 after purchasing an additional 1,749 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of AdaptHealth by 8.6% during the 4th quarter. Corient Private Wealth LLC now owns 22,562 shares of the company’s stock valued at $227,000 after buying an additional 1,794 shares in the last quarter. Finally, CWM LLC lifted its position in shares of AdaptHealth by 17.5% in the third quarter. CWM LLC now owns 12,306 shares of the company’s stock valued at $110,000 after acquiring an additional 1,835 shares in the last quarter. Institutional investors own 82.67% of the company’s stock.

AdaptHealth Stock Down 11.5%

The company has a current ratio of 1.08, a quick ratio of 0.86 and a debt-to-equity ratio of 1.09. The company has a 50 day simple moving average of $10.27 and a two-hundred day simple moving average of $9.67. The firm has a market capitalization of $1.23 billion, a P/E ratio of 16.62, a P/E/G ratio of 1.18 and a beta of 1.72.

AdaptHealth Company Profile

AdaptHealth, Inc operates as a leading provider of home medical equipment (HME) and related services in the United States. The company focuses on delivering respiratory care, mobility solutions and bathroom safety products to patients with chronic and acute medical needs. Through its comprehensive service offerings, AdaptHealth aims to enhance quality of life and clinical outcomes for patients who require long-term support outside of a hospital setting.

The company’s respiratory portfolio includes products such as continuous positive airway pressure (CPAP) devices, oxygen concentrators, ventilators, and associated supplies for patients with sleep apnea, COPD and other pulmonary conditions.