ModivCare’s (MODV) “Equal Weight” Rating Reiterated at Stephens

Stephens reaffirmed their equal weight rating on shares of ModivCare (NASDAQ:MODV) in a report issued on Friday morning,Benzinga reports. The firm currently has a $17.00 price target on the stock, down from their prior price target of $21.00.

MODV has been the subject of a number of other research reports. Barrington Research reiterated an “outperform” rating and set a $25.00 target price on shares of ModivCare in a report on Monday, November 18th. Jefferies Financial Group dropped their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Friday, September 13th. Finally, Lake Street Capital cut their target price on ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $25.20.

ModivCare Trading Down 47.5 %

NASDAQ:MODV opened at $6.56 on Friday. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50-day simple moving average is $15.07 and its 200-day simple moving average is $19.08. ModivCare has a fifty-two week low of $6.51 and a fifty-two week high of $52.33. The stock has a market capitalization of $93.70 million, a PE ratio of -0.51, a price-to-earnings-growth ratio of 2.77 and a beta of 0.60.

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

Insider Activity

In related news, major shareholder Q Global Capital Management, L acquired 20,556 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was bought at an average price of $14.65 per share, with a total value of $301,145.40. Following the acquisition, the insider now owns 1,520,394 shares in the company, valued at $22,273,772.10. This represents a 1.37 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased 307,242 shares of company stock worth $4,894,217 in the last quarter. Corporate insiders own 22.10% of the company’s stock.

Hedge Funds Weigh In On ModivCare

A number of institutional investors have recently added to or reduced their stakes in MODV. Wilmington Savings Fund Society FSB bought a new position in shares of ModivCare in the 3rd quarter valued at about $43,000. FMR LLC lifted its stake in 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. Canada Pension Plan Investment Board bought a new position in ModivCare during the second quarter worth about $60,000. SG Americas Securities LLC acquired a new position in ModivCare during the third quarter worth approximately $102,000. Finally, Quest Partners LLC raised its stake in ModivCare by 49.9% in the second quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock valued at $105,000 after buying an additional 1,332 shares during the period.

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.