ModivCare (NASDAQ:MODV) Price Target Cut to $30.00

ModivCare (NASDAQ:MODV) had its target price trimmed by Lake Street Capital from $50.00 to $30.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on MODV. Jefferies Financial Group reduced their price objective on ModivCare from $25.00 to $14.00 and set a hold rating on the stock in a research note on Friday, September 13th. Barrington Research upgraded shares of ModivCare from a market perform rating to an outperform rating and set a $35.00 price objective for the company in a research report on Friday, August 9th.

ModivCare Price Performance

MODV stock opened at $11.91 on Tuesday. The business has a fifty day moving average of $24.08 and a two-hundred day moving average of $25.36. 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 cap of $169.60 million, a price-to-earnings ratio of -0.76, a price-to-earnings-growth ratio of 1.42 and a beta of 0.52. 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, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.80). ModivCare had a negative net margin of 5.80% and a positive return on equity of 27.52%. The firm had revenue of $698.30 million during the quarter, compared to analysts’ expectations of $701.00 million. During the same period in the previous year, the firm earned $1.41 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, research analysts anticipate that ModivCare will post 1.24 earnings per share for the current year.

Institutional Investors Weigh In On ModivCare

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its position in ModivCare by 83.2% in the 2nd 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 during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in ModivCare by 0.8% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 683,665 shares of the company’s stock valued at $17,939,000 after acquiring an additional 5,644 shares during the period. Renaissance Technologies LLC raised its stake in shares of ModivCare by 11.7% during the 2nd quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock worth $7,985,000 after buying an additional 31,800 shares during the last quarter. AYAL Capital Advisors Ltd raised its stake in shares of 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 buying an additional 77,930 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of ModivCare by 9.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 197,301 shares of the company’s stock worth $8,679,000 after buying an additional 17,220 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.