AdaptHealth Corp. (AHCO) Soars 19.6%: Is Further Upside Left in the Stock?
AdaptHealth Corp. AHCO shares ended the last trading session 19.6% higher at $11.28. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 10% loss over the past four weeks.
AdaptHealth recorded a strong price increase after it announced that its Board of Directors has named Crispin Teufel as Chief Executive Officer, who is expected to assume the role on Sep 1, 2023. AdaptHealth’s management believes that an experienced executive with deep industry understanding and a proven track record of success like Mr. Teufel will likely lead the organization to future success.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -38.9%. Revenues are expected to be $765.69 million, up 5.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For AdaptHealth Corp., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AHCO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
AdaptHealth Corp. belongs to the Zacks Medical - Products industry. Another stock from the same industry, MacroGenics MGNX, closed the last trading session 2.6% lower at $5.27. Over the past month, MGNX has returned 6.1%.
MacroGenics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.48. Compared to the company's year-ago EPS, this represents a change of +28.4%. MacroGenics currently boasts a Zacks Rank of #3 (Hold).
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