Barrington Research Forecasts Strong Price Appreciation for ModivCare (NASDAQ:MODV) Stock

ModivCare (NASDAQ:MODV) had its target price lifted by Barrington Research from $22.00 to $25.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

MODV has been the subject of several other reports. Lake Street Capital decreased their price objective on shares of 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 cut their target price on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research note on Friday, September 13th.

ModivCare Trading Down 13.6 %

NASDAQ MODV traded down $2.45 on Friday, hitting $15.55. The company’s stock had a trading volume of 326,539 shares, compared to its average volume of 258,718. 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 has a 1-year low of $11.00 and a 1-year high of $52.33. The company’s 50-day moving average is $17.55 and its 200 day moving average is $22.76. The firm has a market cap of $221.43 million, a PE ratio of -1.21, a PEG ratio of 2.20 and a beta of 0.47.

ModivCare (NASDAQ:MODV) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.80). ModivCare had a positive return on equity of 18.50% and a negative net margin of 6.57%. The firm had revenue of $698.30 million for the quarter, compared to analyst estimates of $701.00 million. During the same quarter last year, the company earned $1.41 earnings per share. The company’s quarterly revenue was down .1% compared to the same quarter last year. As a group, analysts predict that ModivCare will post 1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at ModivCare

In other ModivCare news, major shareholder Q Global Capital Management, L acquired 20,556 shares of the company’s stock in a transaction on Friday, October 25th. The shares were purchased at an average cost of $14.65 per share, with a total value of $301,145.40. Following the completion of the purchase, the insider now owns 1,520,394 shares of the company’s stock, valued at approximately $22,273,772.10. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have acquired 189,514 shares of company stock valued at $2,906,726. Corporate insiders own 22.10% of the company’s stock.

Institutional Trading of ModivCare

Several institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC raised its holdings in shares of ModivCare by 83.2% in the second quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock valued at $22,076,000 after purchasing an additional 381,995 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of ModivCare by 0.8% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 683,665 shares of the company’s stock valued at $17,939,000 after purchasing an additional 5,644 shares during the last quarter. Renaissance Technologies LLC increased its holdings in ModivCare by 11.7% during the second quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock worth $7,985,000 after buying an additional 31,800 shares during the last quarter. AYAL Capital Advisors Ltd increased its holdings in 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. Finally, K2 Principal Fund L.P. purchased a new stake in ModivCare during the second quarter worth about $3,345,000.

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.