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

ModivCare (NASDAQ:MODV)‘s stock had its “outperform” rating reaffirmed by equities researchers at Barrington Research in a note issued to investors on Monday,Benzinga reports. They currently have a $25.00 price target on the stock. Barrington Research’s price objective would suggest a potential upside of 57.63% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Lake Street Capital dropped 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. Jefferies Financial Group decreased their price target on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Friday, September 13th.

ModivCare Stock Performance

Shares of MODV traded down $0.41 during mid-day trading on Monday, reaching $15.86. 61,523 shares of the company’s stock traded hands, compared to its average volume of 256,471. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80. The business’s 50-day moving average price is $16.13 and its 200-day moving average price is $22.50. The stock has a market capitalization of $226.48 million, a P/E ratio of -1.23, a price-to-earnings-growth ratio of 2.53 and a beta of 0.47. ModivCare has a 12 month low of $11.00 and a 12 month high of $52.33.

ModivCare (NASDAQ:MODV) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The business had revenue of $702.04 million for the quarter, compared to analyst estimates of $711.28 million. ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.35 EPS. Equities analysts predict that ModivCare will post 0.64 earnings per share for the current year.

Insider Buying and Selling at ModivCare

In other ModivCare news, major shareholder Q Global Capital Management, L purchased 58,191 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were purchased at an average cost of $17.13 per share, with a total value of $996,811.83. Following the completion of the transaction, the insider now owns 1,812,725 shares of the company’s stock, valued at approximately $31,051,979.25. This represents a 3.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders bought 247,705 shares of company stock valued at $3,903,538. 22.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ModivCare

Institutional investors and hedge funds have recently bought and sold shares of the business. State Board of Administration of Florida Retirement System acquired a new stake in shares of ModivCare during the first quarter worth approximately $91,000. Bessemer Group Inc. grew its holdings in shares of ModivCare by 46.7% during the 1st quarter. Bessemer Group Inc. now owns 7,145 shares of the company’s stock valued at $168,000 after acquiring an additional 2,274 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ModivCare by 3.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,483 shares of the company’s stock worth $481,000 after acquiring an additional 608 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of ModivCare by 5,522.7% during the second quarter. Nisa Investment Advisors LLC now owns 1,237 shares of the company’s stock worth $32,000 after acquiring an additional 1,215 shares in the last quarter. Finally, SummerHaven Investment Management LLC boosted its position in ModivCare by 3.8% during the second quarter. SummerHaven Investment Management LLC now owns 14,511 shares of the company’s stock valued at $381,000 after purchasing an additional 530 shares during the last quarter.

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.