ModivCare (NASDAQ:MODV) Receives “Equal Weight” Rating from Stephens

ModivCare (NASDAQ:MODV)‘s stock had its “equal weight” rating reissued by investment analysts at Stephens in a report issued on Friday,Benzinga reports. They currently have a $17.00 price target on the stock, down from their prior price target of $21.00. Stephens’ target price would suggest a potential upside of 141.82% from the stock’s current price.

Several other research analysts have also weighed in on the company. Jefferies Financial Group dropped their price target on ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Friday, September 13th. Lake Street Capital decreased their price target on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Barrington Research reiterated an “outperform” rating and issued a $25.00 target price on shares of ModivCare in a research report on Monday, November 18th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.20.

ModivCare Trading Down 43.7 %

MODV stock traded down $5.46 during mid-day trading on Friday, reaching $7.03. 1,516,064 shares of the stock traded hands, compared to its average volume of 396,426. ModivCare has a 52-week low of $6.91 and a 52-week high of $52.33. The stock’s fifty day moving average is $15.26 and its 200-day moving average is $19.30. The company has a market cap of $100.42 million, a P/E ratio of -0.55, a P/E/G ratio of 2.77 and a beta of 0.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63.

ModivCare (NASDAQ:MODV) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The firm had revenue of $702.04 million during the quarter, compared to analyst estimates of $711.28 million. During the same period in the prior year, the business posted $1.35 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, sell-side analysts expect that ModivCare will post 0.64 earnings per share for the current year.

Insider Buying and Selling at ModivCare

In other ModivCare news, major shareholder Q Global Capital Management, L purchased 9,210 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $17.73 per share, for a total transaction of $163,293.30. Following the acquisition, the insider now owns 1,967,098 shares of the company’s stock, valued at $34,876,647.54. This trade represents a 0.47 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired 307,242 shares of company stock worth $4,894,217 over the last ninety days. 22.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ModivCare

Several hedge funds have recently bought and sold shares of the business. HG Vora Capital Management LLC bought a new stake in shares of ModivCare during the 3rd quarter worth about $17,136,000. Millennium Management LLC grew its holdings in ModivCare by 83.2% during the second quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock valued at $22,076,000 after purchasing an additional 381,995 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of ModivCare by 0.8% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 683,665 shares of the company’s stock valued at $17,939,000 after purchasing an additional 5,644 shares during the period. State Street Corp boosted its holdings in shares of ModivCare by 1.5% during the 3rd quarter. State Street Corp now owns 349,750 shares of the company’s stock worth $4,994,000 after buying an additional 5,115 shares during the period. Finally, Renaissance Technologies LLC grew its stake in ModivCare by 11.7% in the 2nd quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock valued at $7,985,000 after buying an additional 31,800 shares during the last quarter.

About ModivCare

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.