HG Vora Capital Management LLC Makes New Investment in ModivCare Inc. (NASDAQ:MODV)

HG Vora Capital Management LLC bought a new stake in shares of ModivCare Inc. (NASDAQ:MODV) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,200,000 shares of the company’s stock, valued at approximately $17,136,000. ModivCare accounts for approximately 1.3% of HG Vora Capital Management LLC’s portfolio, making the stock its 10th biggest holding. HG Vora Capital Management LLC owned about 8.40% of ModivCare as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its position in ModivCare by 3.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,483 shares of the company’s stock valued at $481,000 after buying an additional 608 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of ModivCare by 5,522.7% during the second quarter. Nisa Investment Advisors LLC now owns 1,237 shares of the company’s stock valued at $32,000 after purchasing an additional 1,215 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of ModivCare by 3.8% during the second quarter. SummerHaven Investment Management LLC now owns 14,511 shares of the company’s stock valued at $381,000 after purchasing an additional 530 shares during the last quarter. Skylands Capital LLC lifted its position in shares of ModivCare by 5.3% during the 2nd quarter. Skylands Capital LLC now owns 90,000 shares of the company’s stock valued at $2,362,000 after buying an additional 4,500 shares in the last quarter. Finally, Quest Partners LLC lifted its position in shares of ModivCare by 49.9% in the second quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock worth $105,000 after buying an additional 1,332 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MODV shares. Jefferies Financial Group reduced their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research note on Friday, September 13th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of ModivCare in a report on Monday, November 18th. Finally, Lake Street Capital cut their price target on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, September 17th.

ModivCare Trading Down 1.5 %

MODV stock opened at $18.51 on Tuesday. The firm has a fifty day moving average price of $15.89 and a 200 day moving average price of $21.88. ModivCare Inc. has a fifty-two week low of $11.00 and a fifty-two week high of $52.33. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $264.32 million, a PE ratio of -1.44, a price-to-earnings-growth ratio of 2.92 and a beta of 0.52.

ModivCare (NASDAQ:MODV) last posted its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.04). The firm had revenue of $702.04 million during the quarter, compared to analyst estimates of $711.28 million. ModivCare had a negative net margin of 6.57% and a positive return on equity of 26.14%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.35 earnings per share. Sell-side analysts anticipate that ModivCare Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at ModivCare

In related news, major shareholder Q Global Capital Management, L bought 1,583 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was purchased at an average cost of $17.75 per share, for a total transaction of $28,098.25. Following the purchase, the insider now directly owns 1,921,633 shares in the company, valued at $34,108,985.75. This trade represents a 0.08 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired a total of 294,680 shares of company stock worth $4,671,460 over the last 90 days. Insiders own 22.10% of the company’s stock.

ModivCare Profile

ModivCare Inc, a technology-enabled healthcare services company, provides a suite of integrated supportive care solutions for public and private payors and their members. The company operates through four segments: Non-Emergency Medical Transportation (NEMT), Personal Care, Remote Patient Monitoring (RPM), and Corporate and Other.