Barrington Research Increases ModivCare (NASDAQ:MODV) Price Target to $22.00

ModivCare (NASDAQ:MODV) had its price objective hoisted by stock analysts at Barrington Research from $19.00 to $22.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Barrington Research’s price target would indicate a potential upside of 29.87% from the stock’s current price.

A number of other brokerages have also recently weighed in on MODV. Lake Street Capital reduced their price target on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Jefferies Financial Group reduced their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a report on Friday, September 13th.

ModivCare Price Performance

NASDAQ:MODV opened at $16.94 on Thursday. ModivCare has a 52-week low of $11.00 and a 52-week high of $52.33. The business’s 50-day moving average price is $21.96 and its 200 day moving average price is $24.16. The firm has a market cap of $240.73 million, a P/E ratio of -1.08, a PEG ratio of 1.82 and a beta of 0.49. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 103.63.

ModivCare (NASDAQ:MODV) last posted its earnings results on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.77 by ($0.80). ModivCare had a positive return on equity of 27.52% and a negative net margin of 5.80%. The business had revenue of $698.30 million during the quarter, compared to the consensus estimate of $701.00 million. During the same period in the prior year, the firm earned $1.41 earnings per share. The business’s revenue was down .1% on a year-over-year basis. As a group, sell-side analysts predict that ModivCare will post 1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ModivCare

Several hedge funds and other institutional investors have recently made changes to their positions in MODV. Millennium Management LLC lifted its position in shares of ModivCare by 83.2% during the 2nd quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock worth $22,076,000 after purchasing an additional 381,995 shares during the last quarter. K2 Principal Fund L.P. bought a new position in ModivCare in the 2nd quarter worth approximately $3,345,000. AYAL Capital Advisors Ltd lifted its holdings in shares of ModivCare by 42.1% during the second quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock worth $6,899,000 after buying an additional 77,930 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of ModivCare by 11.7% in the second quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock valued at $7,985,000 after acquiring an additional 31,800 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of ModivCare in the second quarter worth $581,000.

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.