ModivCare (NASDAQ:MODV) Price Target Lowered to $6.00 at Barrington Research

ModivCare (NASDAQ:MODV) had its price objective cut by Barrington Research from $10.00 to $6.00 in a report released on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently commented on the stock. Stephens restated an “equal weight” rating and issued a $17.00 price target (down from $21.00) on shares of ModivCare in a report on Friday, January 10th. Lake Street Capital cut their price target on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 13th.

ModivCare Trading Down 22.5 %

NASDAQ MODV opened at $2.75 on Friday. The company’s 50-day moving average price is $6.49 and its 200-day moving average price is $14.00. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63. The stock has a market cap of $39.31 million, a PE ratio of -0.21, a PEG ratio of 3.46 and a beta of 0.59. ModivCare has a 12 month low of $2.70 and a 12 month high of $33.64.

Insider Buying and Selling

In related news, major shareholder Q Global Capital Management, L sold 262,532 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $6.53, for a total value of $1,714,333.96. Following the completion of the sale, the insider now directly owns 1,221,933 shares of the company’s stock, valued at $7,979,222.49. This represents a 17.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Catalyst Fund Lp Ai purchased 187,500 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were purchased at an average cost of $3.87 per share, with a total value of $725,625.00. Following the completion of the transaction, the insider now owns 2,130,000 shares of the company’s stock, valued at approximately $8,243,100. The trade was a 9.65 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 378,837 shares of company stock valued at $1,529,635 over the last three months. 1.20% of the stock is owned by company insiders.

Institutional Trading of ModivCare

Several hedge funds have recently modified their holdings of the company. Barclays PLC lifted its position in shares of ModivCare by 13.8% during the fourth quarter. Barclays PLC now owns 17,330 shares of the company’s stock valued at $205,000 after buying an additional 2,095 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of ModivCare by 82.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 5,100 shares of the company’s stock valued at $60,000 after buying an additional 2,300 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of ModivCare by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 262,929 shares of the company’s stock valued at $3,114,000 after buying an additional 2,342 shares during the last quarter. American Century Companies Inc. lifted its position in shares of ModivCare by 10.7% during the fourth quarter. American Century Companies Inc. now owns 24,892 shares of the company’s stock valued at $295,000 after buying an additional 2,403 shares during the last quarter. Finally, FMR LLC raised its position in shares of ModivCare by 227.5% in the 3rd quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after purchasing an additional 2,657 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.