AdaptHealth (NASDAQ:AHCO) Shares Gap Down - Here's Why

AdaptHealth Corp. (NASDAQ:AHCO - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $10.15, but opened at $8.94. AdaptHealth shares last traded at $9.06, with a volume of 284,794 shares changing hands.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued an "outperform" rating and issued a $13.00 target price on shares of AdaptHealth in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $10.70.

AdaptHealth Trading Down 9.6 %

The stock has a market cap of $1.23 billion, a PE ratio of -1.76, a PEG ratio of 1.63 and a beta of 1.11. The business has a 50-day moving average of $10.76 and a 200 day moving average of $10.44. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.94 and a current ratio of 1.15.

AdaptHealth (NASDAQ:AHCO - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). AdaptHealth had a positive return on equity of 9.58% and a negative net margin of 21.20%. The firm had revenue of $805.98 million for the quarter, compared to analysts' expectations of $802.62 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. Equities research analysts predict that AdaptHealth Corp. will post 0.87 EPS for the current fiscal year.

Insider Buying and Selling

In other AdaptHealth news, COO Shaw Rietkerk sold 25,000 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.24, for a total value of $281,000.00. Following the transaction, the chief operating officer now directly owns 212,611 shares of the company's stock, valued at $2,389,747.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other AdaptHealth news, COO Shaw Rietkerk sold 25,000 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.24, for a total value of $281,000.00. Following the transaction, the chief operating officer now directly owns 212,611 shares of the company's stock, valued at $2,389,747.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David Solomon Williams III sold 4,000 shares of the company's stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $11.26, for a total value of $45,040.00. Following the sale, the director now directly owns 36,899 shares in the company, valued at approximately $415,482.74. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of AdaptHealth by 8.9% in the first quarter. Vanguard Group Inc. now owns 10,017,722 shares of the company's stock valued at $115,304,000 after buying an additional 818,241 shares during the period. Reinhart Partners LLC. lifted its holdings in shares of AdaptHealth by 45.2% in the third quarter. Reinhart Partners LLC. now owns 6,198,642 shares of the company's stock valued at $69,611,000 after buying an additional 1,929,339 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of AdaptHealth by 43.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,327,738 shares of the company's stock valued at $23,277,000 after buying an additional 710,131 shares during the period. Divisadero Street Capital Management LP lifted its holdings in shares of AdaptHealth by 179.7% in the second quarter. Divisadero Street Capital Management LP now owns 1,161,592 shares of the company's stock valued at $11,616,000 after buying an additional 746,340 shares during the period. Finally, First Eagle Investment Management LLC lifted its holdings in shares of AdaptHealth by 50.9% in the second quarter. First Eagle Investment Management LLC now owns 897,752 shares of the company's stock valued at $8,978,000 after buying an additional 302,801 shares during the period. Institutional investors own 82.67% of the company's stock.

AdaptHealth Company Profile

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.