ModivCare Inc. to Post Q3 2024 Earnings of $0.25 Per Share, Barrington Research Forecasts (NASDAQ:MODV)

ModivCare Inc. (NASDAQ:MODV) – Analysts at Barrington Research lowered their Q3 2024 earnings estimates for ModivCare in a note issued to investors on Tuesday, September 17th. Barrington Research analyst M. Petusky now forecasts that the company will earn $0.25 per share for the quarter, down from their prior forecast of $0.43. Barrington Research has a “Outperform” rating and a $19.00 price target on the stock. The consensus estimate for ModivCare’s current full-year earnings is $1.24 per share. Barrington Research also issued estimates for ModivCare’s Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $0.25 EPS, Q1 2025 earnings at $0.31 EPS, Q2 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.78 EPS, FY2025 earnings at $2.22 EPS and FY2026 earnings at $3.91 EPS.

A number of other equities research analysts also recently weighed in on the company. Jefferies Financial Group dropped their price objective 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 lowered their price target on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th.

ModivCare Trading Down 6.3 %

Shares of NASDAQ:MODV opened at $11.91 on Friday. The company has a market capitalization of $169.60 million, a PE ratio of -0.76, a P/E/G ratio of 1.42 and a beta of 0.52. 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 has a 12-month low of $11.00 and a 12-month high of $52.33. The business’s fifty day simple moving average is $23.81 and its 200-day simple moving average is $25.22.

ModivCare (NASDAQ:MODV) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.80). The business had revenue of $698.30 million for the quarter, compared to the consensus estimate of $701.00 million. ModivCare had a negative net margin of 5.80% and a positive return on equity of 27.52%. ModivCare’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.41 earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new stake in ModivCare during the 2nd quarter worth approximately $581,000. Millennium Management LLC grew its holdings in shares of 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 buying an additional 381,995 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in shares of ModivCare in the 2nd quarter valued at $206,000. AQR Capital Management LLC increased its position in shares of ModivCare by 16.0% in the 2nd quarter. AQR Capital Management LLC now owns 40,444 shares of the company’s stock valued at $1,061,000 after acquiring an additional 5,592 shares during the period. Finally, AYAL Capital Advisors Ltd lifted its position in ModivCare by 42.1% during the 2nd quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock worth $6,899,000 after acquiring an additional 77,930 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.