Barrington Research Issues Pessimistic Forecast for ModivCare (NASDAQ:MODV) Stock Price

ModivCare (NASDAQ:MODV) had its target price cut by Barrington Research from $25.00 to $10.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued reports about the company. Lake Street Capital dropped their target price on ModivCare from $30.00 to $10.00 and set a “buy” rating for the company in a research report on Monday. Stephens reaffirmed an “equal weight” rating and issued a $17.00 price objective (down previously from $21.00) on shares of ModivCare in a research note on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.20.

ModivCare Trading Down 10.8 %

MODV opened at $5.93 on Tuesday. The company’s 50 day moving average is $14.67 and its 200-day moving average is $18.81. The company has a market cap of $84.70 million, a P/E ratio of -0.46, a PEG ratio of 2.77 and a beta of 0.60. ModivCare has a 1-year low of $5.55 and a 1-year high of $52.33. 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 (NASDAQ:MODV) last posted its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share 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 the consensus estimate of $711.28 million. During the same period in the previous year, the firm posted $1.35 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities research analysts predict that ModivCare will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ModivCare news, major shareholder Q Global Capital Management, L sold 262,532 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $6.53, for a total transaction of $1,714,333.96. Following the completion of the transaction, the insider now owns 1,221,933 shares in the company, valued at approximately $7,979,222.49. This trade represents a 17.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have purchased 311,079 shares of company stock valued at $4,942,602. 22.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ModivCare

A number of institutional investors have recently modified their holdings of MODV. Canada Pension Plan Investment Board bought a new stake in ModivCare during the second quarter valued at $60,000. Wilmington Savings Fund Society FSB bought a new stake in shares of ModivCare during the 3rd quarter valued at about $43,000. FMR LLC grew its stake in ModivCare by 227.5% during the third quarter. FMR LLC now owns 3,825 shares of the company’s stock worth $55,000 after purchasing an additional 2,657 shares during the period. Quest Partners LLC increased its holdings in ModivCare by 49.9% in the second quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock worth $105,000 after purchasing an additional 1,332 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in ModivCare in the third quarter valued at approximately $102,000.

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.