ModivCare Inc. (NASDAQ:MODV) Major Shareholder Buys $333,797.49 in Stock

ModivCare Inc. (NASDAQ:MODV) major shareholder Q Global Capital Management, L acquired 21,411 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were acquired at an average price of $15.59 per share, with a total value of $333,797.49. Following the completion of the transaction, the insider now owns 1,834,136 shares in the company, valued at $28,594,180.24. The trade was a 1.18 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Q Global Capital Management, L also recently made the following trade(s):

• On Thursday, November 21st, Q Global Capital Management, L acquired 23,657 shares of ModivCare stock. The shares were bought at an average cost of $16.92 per share, with a total value of $400,276.44.
• On Thursday, November 7th, Q Global Capital Management, L acquired 58,191 shares of ModivCare stock. The stock was acquired at an average cost of $17.13 per share, for a total transaction of $996,811.83.
• On Monday, November 4th, Q Global Capital Management, L purchased 20,927 shares of ModivCare stock. The shares were purchased at an average cost of $16.13 per share, for a total transaction of $337,552.51.
• On Friday, November 1st, Q Global Capital Management, L acquired 33,495 shares of ModivCare stock. The stock was bought at an average cost of $16.15 per share, for a total transaction of $540,944.25.
• On Wednesday, October 30th, Q Global Capital Management, L purchased 38,292 shares of ModivCare stock. The stock was acquired at an average cost of $15.89 per share, for a total transaction of $608,459.88.
• On Monday, October 28th, Q Global Capital Management, L acquired 25,496 shares of ModivCare stock. The shares were acquired at an average cost of $15.69 per share, with a total value of $400,032.24.
• On Friday, October 25th, Q Global Capital Management, L acquired 20,556 shares of ModivCare stock. The stock was bought at an average price of $14.65 per share, for a total transaction of $301,145.40.
• On Wednesday, October 23rd, Q Global Capital Management, L acquired 50,748 shares of ModivCare stock. The stock was purchased at an average price of $14.16 per share, with a total value of $718,591.68.

ModivCare Trading Up 6.8 %

Shares of NASDAQ:MODV traded up $1.11 during midday trading on Thursday, reaching $17.42. The company’s stock had a trading volume of 101,607 shares, compared to its average volume of 255,574. The firm has a market cap of $248.76 million, a price-to-earnings ratio of -1.35, a price-to-earnings-growth ratio of 2.42 and a beta of 0.47. The business has a 50 day moving average price of $15.21 and a 200 day moving average price of $22.34. ModivCare Inc. has a 1 year low of $11.00 and a 1 year high of $52.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 103.63.

ModivCare (NASDAQ:MODV) last issued 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 company had revenue of $702.04 million during the quarter, compared to analyst estimates of $711.28 million. During the same period in the prior year, the business earned $1.35 earnings per share. ModivCare’s quarterly revenue was up 2.2% on a year-over-year basis. Research analysts forecast that ModivCare Inc. will post 0.64 EPS for the current year.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

MODV has been the topic of several recent research reports. 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. Lake Street Capital decreased their price objective on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of ModivCare in a research report on Monday.

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.