Barrington Research Reiterates “Outperform” Rating for ModivCare (NASDAQ:MODV)

Barrington Research reiterated their outperform rating on shares of ModivCare (NASDAQ:MODV) in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a $25.00 price objective on the stock.

MODV has been the subject of a number of other research reports. Lake Street Capital cut 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 price target on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a report on Friday, September 13th.

ModivCare Stock Performance

Shares of MODV stock opened at $17.42 on Monday. The stock’s 50-day moving average price is $15.30 and its 200 day moving average price is $22.30. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 103.63. The stock has a market capitalization of $248.76 million, a PE ratio of -1.35, a price-to-earnings-growth ratio of 2.42 and a beta of 0.47. ModivCare has a 52-week low of $11.00 and a 52-week high of $52.33.

ModivCare (NASDAQ:MODV) last announced its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share 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 company had revenue of $702.04 million during the quarter, compared to analysts’ expectations of $711.28 million. During the same quarter last year, the business posted $1.35 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that ModivCare will post 0.64 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Q Global Capital Management, L acquired 20,556 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were purchased at an average price of $14.65 per share, with a total value of $301,145.40. Following the completion of the acquisition, the insider now owns 1,520,394 shares in the company, valued at approximately $22,273,772.10. This represents a 1.37 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders acquired 292,773 shares of company stock worth $4,637,612. 22.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ModivCare

Institutional investors have recently modified their holdings of the company. HG Vora Capital Management LLC purchased a new position in ModivCare in the 3rd quarter valued at approximately $17,136,000. Millennium Management LLC increased its position 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 buying an additional 381,995 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of ModivCare by 0.8% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 683,665 shares of the company’s stock worth $17,939,000 after buying an additional 5,644 shares during the last quarter. State Street Corp grew its stake in ModivCare by 1.5% in the 3rd quarter. State Street Corp now owns 349,750 shares of the company’s stock valued at $4,994,000 after acquiring an additional 5,115 shares during the last quarter. Finally, Renaissance Technologies LLC grew 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 purchasing an additional 31,800 shares during the last quarter.

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.