Insider Selling: ModivCare Inc. (NASDAQ:MODV) Major Shareholder Sells 262,532 Shares of Stock

ModivCare Inc. (NASDAQ:MODV) major shareholder Q Global Capital Management, L sold 262,532 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $6.53, for a total value of $1,714,333.96. Following the completion of the sale, the insider now directly owns 1,221,933 shares in the company, valued at $7,979,222.49. This represents a 17.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Q Global Capital Management, L also recently made the following trade(s):

• On Friday, January 10th, Q Global Capital Management, L purchased 3,837 shares of ModivCare stock. The shares were purchased at an average price of $12.61 per share, with a total value of $48,384.57.
• On Friday, December 6th, Q Global Capital Management, L bought 9,210 shares of ModivCare stock. The stock was purchased at an average price of $17.73 per share, with a total value of $163,293.30.
• On Wednesday, December 4th, Q Global Capital Management, L purchased 3,352 shares of ModivCare stock. The shares were acquired at an average cost of $17.74 per share, for a total transaction of $59,464.48.
• On Monday, December 2nd, Q Global Capital Management, L acquired 1,583 shares of ModivCare stock. The stock was acquired at an average cost of $17.75 per share, with a total value of $28,098.25.
• On Friday, November 29th, Q Global Capital Management, L bought 198 shares of ModivCare stock. The shares were acquired at an average cost of $17.75 per share, for a total transaction of $3,514.50.
• On Wednesday, November 27th, Q Global Capital Management, L acquired 126 shares of ModivCare stock. The stock was bought at an average cost of $17.74 per share, with a total value of $2,235.24.
• On Thursday, November 21st, Q Global Capital Management, L bought 23,657 shares of ModivCare stock. The stock was bought at an average price of $16.92 per share, with a total value of $400,276.44.
• On Tuesday, November 19th, Q Global Capital Management, L purchased 21,411 shares of ModivCare stock. The shares were bought at an average price of $15.59 per share, for a total transaction of $333,797.49.
• On Thursday, November 7th, Q Global Capital Management, L acquired 58,191 shares of ModivCare stock. The shares were bought at an average price of $17.13 per share, for a total transaction of $996,811.83.
• On Monday, November 4th, Q Global Capital Management, L bought 20,927 shares of ModivCare stock. The shares were purchased at an average cost of $16.13 per share, for a total transaction of $337,552.51.

ModivCare Price Performance

Shares of NASDAQ MODV traded up $0.09 during trading on Monday, hitting $6.65. The company had a trading volume of 1,553,357 shares, compared to its average volume of 748,006. ModivCare Inc. has a 52 week low of $6.32 and a 52 week high of $52.33. The business’s 50-day moving average is $15.07 and its 200 day moving average is $19.08. The company has a market cap of $94.99 million, a P/E ratio of -0.52, a PEG ratio of 2.77 and a beta of 0.60. 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 earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The company had revenue of $702.04 million for the quarter, compared to analyst estimates of $711.28 million. During the same period last year, the firm earned $1.35 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts predict that ModivCare Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Trading of ModivCare

A number of hedge funds have recently bought and sold shares of the company. AYAL Capital Advisors Ltd grew 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 purchasing an additional 77,930 shares in the last quarter. K2 Principal Fund L.P. purchased a new position in shares of ModivCare during the second quarter valued at $3,345,000. FMR LLC grew its holdings in shares of ModivCare by 227.5% during the third quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after buying an additional 2,657 shares in the last quarter. Barclays PLC raised its position in ModivCare by 249.4% during the third quarter. Barclays PLC now owns 15,235 shares of the company’s stock valued at $218,000 after buying an additional 10,875 shares during the period. Finally, Quest Partners LLC lifted its stake in ModivCare by 49.9% in the 2nd quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock worth $105,000 after acquiring an additional 1,332 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Stephens reiterated an “equal weight” rating and set a $17.00 price target (down from $21.00) on shares of ModivCare in a research report on Friday. Barrington Research reaffirmed an “outperform” rating and set a $25.00 target price on shares of ModivCare in a research note on Monday, November 18th. Finally, Lake Street Capital dropped their price target on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, ModivCare has a consensus rating of “Hold” and a consensus price target of $21.20.

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.