Lake Street Capital Issues Pessimistic Forecast for ModivCare (NASDAQ:MODV) Stock Price

ModivCare (NASDAQ:MODV) had its price objective decreased by Lake Street Capital from $30.00 to $10.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s target price points to a potential upside of 55.28% from the company’s current price.

Other analysts also recently issued reports about the stock. Stephens reissued an “equal weight” rating and set a $17.00 target price (down from $21.00) on shares of ModivCare in a research note on Friday. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of ModivCare in a research report on Monday, November 18th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $21.20.

ModivCare Stock Performance

Shares of NASDAQ MODV traded down $0.12 during midday trading on Monday, hitting $6.44. The company’s stock had a trading volume of 883,189 shares, compared to its average volume of 644,527. The firm has a market cap of $91.99 million, a P/E ratio of -0.50, a P/E/G ratio of 2.77 and a beta of 0.60. ModivCare has a 1-year low of $6.32 and a 1-year high of $52.33. The firm’s fifty day moving average price is $15.07 and its 200-day moving average price is $19.08. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80.

ModivCare (NASDAQ:MODV) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $702.04 million for the quarter, compared to analyst estimates of $711.28 million. The business’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $1.35 EPS. On average, sell-side analysts forecast that ModivCare will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Q Global Capital Management, L purchased 50,748 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were purchased at an average cost of $14.16 per share, for a total transaction of $718,591.68. Following the completion of the purchase, the insider now directly owns 1,475,038 shares of the company’s stock, valued at approximately $20,886,538.08. The trade was a 3.56 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have purchased 307,242 shares of company stock valued at $4,894,217. 22.10% of the stock is owned by company insiders.

Institutional Trading of ModivCare

Institutional investors have recently modified their holdings of the company. HG Vora Capital Management LLC acquired a new stake in ModivCare in the 3rd quarter valued at $17,136,000. Millennium Management LLC boosted its position in ModivCare by 83.2% in the 2nd 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. K2 Principal Fund L.P. acquired a new position in ModivCare during the 2nd quarter valued at about $3,345,000. AYAL Capital Advisors Ltd boosted its stake in shares of ModivCare by 42.1% in the 2nd quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock valued at $6,899,000 after purchasing an additional 77,930 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of ModivCare by 11.7% during the 2nd 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 period.

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.