Stephens Has Lowered Expectations for ModivCare (NASDAQ:MODV) Stock Price

ModivCare (NASDAQ:MODV) had its price target cut by research analysts at Stephens from $7.00 to $3.50 in a research note issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Stephens’ price objective indicates a potential upside of 43.44% from the stock’s current price.

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

ModivCare Price Performance

Shares of NASDAQ MODV opened at $2.44 on Monday. ModivCare has a fifty-two week low of $2.33 and a fifty-two week high of $32.82. The company has a 50 day simple moving average of $5.97 and a two-hundred day simple moving average of $13.33. The company has a market capitalization of $34.88 million, a price-to-earnings ratio of -0.19, 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 quick ratio of 0.80 and a current ratio of 0.80.

Insider Activity at ModivCare

In other ModivCare news, major shareholder Q Global Capital Management, L purchased 3,837 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were acquired at an average price of $12.61 per share, for a total transaction of $48,384.57. Following the purchase, the insider now directly owns 1,970,935 shares of the company’s stock, valued at $24,853,490.35. The trade was a 0.20 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Catalyst Fund Lp Ai purchased 187,500 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were acquired at an average price of $4.03 per share, for a total transaction of $755,625.00. Following the purchase, the insider now directly owns 1,942,500 shares in the company, valued at approximately $7,828,275. The trade was a 10.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 378,837 shares of company stock valued at $1,529,635 over the last 90 days. Corporate insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. K2 Principal Fund L.P. boosted its stake in shares of ModivCare by 24.6% during the 3rd quarter. K2 Principal Fund L.P. now owns 158,820 shares of the company’s stock worth $2,268,000 after acquiring an additional 31,334 shares during the last quarter. FMR LLC boosted its stake in shares of ModivCare by 227.5% during the 3rd quarter. FMR LLC now owns 3,825 shares of the company’s stock worth $55,000 after acquiring an additional 2,657 shares during the last quarter. Barclays PLC boosted its stake in shares of ModivCare by 249.4% during the 3rd quarter. Barclays PLC now owns 15,235 shares of the company’s stock worth $218,000 after acquiring an additional 10,875 shares during the last quarter. Wolverine Asset Management LLC boosted its stake in shares of ModivCare by 14.8% during the 4th quarter. Wolverine Asset Management LLC now owns 110,172 shares of the company’s stock worth $1,304,000 after acquiring an additional 14,209 shares during the last quarter. Finally, HG Vora Capital Management LLC purchased a new position in shares of ModivCare during the 3rd quarter worth $17,136,000.

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.