Adeptus Health Inc (NYSE:ADPT) shares have fallen $0.22 per share, or 15%, on Wednesday morning after Wexford Capital did a 180. Just a few weeks after the fund disclosed a 1.4 million share position (8.4%) stake in Adeptus, SEC filings now show that Wexford has completely exited out of its position and no longer owns any shares in the emergency room operator.
Given that the news Wexford initiated a position likely caused a short squeeze and improved sentiment, some traders are afraid that Wexford completely leaving could hurt sentiment. In terms of bearish sentiment, many smart money funds are rather pessimistic. 83% of the stock’s float is short. Shares of the stock are down 80% year-to-date.
What Does The Smart Money Sentiment Say?
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Of the 742 elite funds we track, 12 funds owned $49.42 million of Adeptus Health Inc (NYSE:ADPT) and accounted for 30.60% of the float on December 31, versus 13 funds and $183.86 million respectively on September 30.
The Bottom Line
Adeptus Health Inc (NYSE:ADPT) shares are lower after Wexford sold out of its 1.4 million share position. For more reading, check out ‘11 Biggest Hospitals In the World‘.