ModivCare (NASDAQ:MODV) Price Target Lowered to $10.00 at Barrington Research

ModivCare (NASDAQ:MODV) had its price objective reduced by equities research analysts at Barrington Research from $25.00 to $10.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Barrington Research’s price objective indicates a potential upside of 73.01% from the stock’s previous close.

A number of other equities research analysts have also weighed in on MODV. Lake Street Capital lowered their price objective on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating for the company in a report on Monday. Stephens reiterated an “equal weight” rating and set a $17.00 target price (down previously from $21.00) on shares of ModivCare in a research report on Friday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, ModivCare has an average rating of “Hold” and an average price target of $18.20.

ModivCare Trading Down 13.1 %

MODV traded down $0.87 during trading on Tuesday, reaching $5.78. 623,399 shares of the company’s stock were exchanged, compared to its average volume of 727,548. ModivCare has a fifty-two week low of $5.60 and a fifty-two week high of $52.33. The company’s fifty day moving average price is $14.88 and its 200-day moving average price is $18.95. The firm has a market capitalization of $82.56 million, a PE ratio of -0.45, a P/E/G 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 released 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 positive return on equity of 26.14% and a negative net margin of 6.57%. The business had revenue of $702.04 million for the quarter, compared to the consensus estimate of $711.28 million. During the same quarter in the previous year, the company earned $1.35 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities analysts forecast that ModivCare will post 0.64 EPS for the current year.

Insider Activity

In other ModivCare news, major shareholder Q Global Capital Management, L bought 20,556 shares of ModivCare stock in a transaction that occurred on Friday, October 25th. The stock was purchased at an average cost of $14.65 per share, for a total transaction of $301,145.40. Following the completion of the acquisition, the insider now owns 1,520,394 shares of the company’s stock, valued at approximately $22,273,772.10. This represents a 1.37 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 311,079 shares of company stock worth $4,942,602 over the last ninety days. 22.10% of the stock is currently owned by insiders.

Institutional Trading of ModivCare

Several hedge funds have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new position in shares of ModivCare in the third quarter worth $43,000. FMR LLC grew its position in shares of ModivCare by 227.5% during the 3rd quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after acquiring an additional 2,657 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of ModivCare in the second quarter worth $60,000. SG Americas Securities LLC bought a new position in shares of ModivCare in the third quarter worth approximately $102,000. Finally, Quest Partners LLC grew its holdings in shares of ModivCare by 49.9% during the 2nd quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock valued at $105,000 after purchasing an additional 1,332 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.