ModivCare Inc. (NASDAQ:MODV) Sees Significant Growth in Short Interest

ModivCare Inc. (NASDAQ:MODV) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 644,300 shares, a growth of 18.3% from the November 30th total of 544,500 shares. Approximately 4.6% of the company’s shares are sold short. Based on an average trading volume of 281,200 shares, the short-interest ratio is presently 2.3 days.

ModivCare Stock Up 13.4 %

NASDAQ MODV traded up $1.40 during trading on Tuesday, hitting $11.84. The stock had a trading volume of 274,059 shares, compared to its average volume of 251,622. The company has a market capitalization of $169.12 million, a PE ratio of -0.92, a P/E/G ratio of 2.77 and a beta of 0.52. ModivCare has a 12 month low of $10.19 and a 12 month high of $52.33. The company’s 50-day moving average price is $15.73 and its two-hundred day moving average price is $20.02. 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 data on Wednesday, November 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The business had revenue of $702.04 million during the quarter, compared to the consensus estimate of $711.28 million. ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.35 EPS. As a group, sell-side analysts forecast that ModivCare will post 0.64 EPS for the current year.

Insider Buying and Selling at ModivCare

In related news, major shareholder Q Global Capital Management, L purchased 50,748 shares of ModivCare stock in a transaction dated Wednesday, October 23rd. The shares were acquired at an average cost of $14.16 per share, for a total transaction of $718,591.68. Following the transaction, the insider now directly owns 1,475,038 shares of the company’s stock, valued at approximately $20,886,538.08. This trade represents a 3.56 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders acquired 307,242 shares of company stock worth $4,894,217. Insiders own 22.10% of the company’s stock.

Institutional Investors Weigh In On ModivCare

A number of large investors have recently added to or reduced their stakes in MODV. Wilmington Savings Fund Society FSB acquired a new position in shares of ModivCare in the third quarter valued at $43,000. Barclays PLC boosted its holdings in shares of ModivCare by 249.4% during the 3rd quarter. Barclays PLC now owns 15,235 shares of the company’s stock worth $218,000 after buying an additional 10,875 shares during the period. K2 Principal Fund L.P. grew its stake in ModivCare by 24.6% in the 3rd quarter. K2 Principal Fund L.P. now owns 158,820 shares of the company’s stock valued at $2,268,000 after buying an additional 31,334 shares during the last quarter. State Street Corp raised its holdings 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 period. Finally, Repertoire Partners LP bought a new position in ModivCare in the 3rd quarter valued at about $178,000.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price target on shares of ModivCare in a research note on Monday, November 18th. Jefferies Financial Group lowered their target price on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research note on Friday, September 13th. Finally, Lake Street Capital reduced their price target on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th.

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.