Stephens Cuts ModivCare (NASDAQ:MODV) Price Target to $3.50

ModivCare (NASDAQ:MODV) had its price target decreased by Stephens from $7.00 to $3.50 in a research report report published on Monday morning,Benzinga reports. Stephens currently has an equal weight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Lake Street Capital reduced their target price on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Barrington Research lowered their target price on shares of ModivCare from $10.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, March 7th.

ModivCare Stock Down 6.6 %

ModivCare stock opened at $2.28 on Monday. The firm has a fifty day moving average price of $5.78 and a two-hundred day moving average price of $13.25. ModivCare has a fifty-two week low of $2.20 and a fifty-two week high of $32.82. The firm has a market cap of $32.59 million, a price-to-earnings ratio of -0.18, a P/E/G ratio of 3.46 and a beta of 0.59. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80.

Insider Buying and Selling at ModivCare

In other news, major shareholder Q Global Capital Management, L acquired 3,837 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was acquired at an average price of $12.61 per share, for a total transaction of $48,384.57. Following the transaction, the insider now directly owns 1,970,935 shares in the company, valued at approximately $24,853,490.35. This represents a 0.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Catalyst Fund Lp Ai bought 187,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were acquired at an average cost of $3.87 per share, with a total value of $725,625.00. Following the completion of the purchase, the insider now owns 2,130,000 shares in the company, valued at $8,243,100. This represents a 9.65 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 378,837 shares of company stock worth $1,529,635. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On ModivCare

Large investors have recently bought and sold shares of the company. HG Vora Capital Management LLC acquired a new position in ModivCare during the third quarter worth $17,136,000. Q Global Advisors LLC increased its position in ModivCare by 96.3% during the fourth quarter. Q Global Advisors LLC now owns 1,967,098 shares of the company’s stock worth $23,290,000 after acquiring an additional 964,998 shares during the period. Neuberger Berman Group LLC raised its position in shares of ModivCare by 5.4% in the fourth quarter. Neuberger Berman Group LLC now owns 2,069,161 shares of the company’s stock valued at $24,499,000 after buying an additional 106,485 shares in the last quarter. Bank of America Corp DE lifted its position in shares of ModivCare by 176.2% during the 4th quarter. Bank of America Corp DE now owns 147,961 shares of the company’s stock valued at $1,752,000 after acquiring an additional 94,382 shares during the period. Finally, Sona Asset Management US LLC acquired a new stake in ModivCare during the fourth quarter worth about $770,000.

ModivCare Company 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.