HG Vora Capital Management LLC Purchases New Stake in ModivCare Inc. (NASDAQ:MODV)

HG Vora Capital Management LLC purchased a new stake in ModivCare Inc. (NASDAQ:MODV) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,200,000 shares of the company’s stock, valued at approximately $17,136,000. ModivCare makes up about 1.3% of HG Vora Capital Management LLC’s investment portfolio, making the stock its 10th largest holding. HG Vora Capital Management LLC owned approximately 8.40% of ModivCare at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. AYAL Capital Advisors Ltd boosted its stake in shares of ModivCare by 42.1% in the 2nd quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock valued at $6,899,000 after purchasing an additional 77,930 shares in the last quarter. K2 Principal Fund L.P. purchased a new stake in ModivCare in the 2nd quarter worth approximately $3,345,000. Price T Rowe Associates Inc. MD lifted its stake in ModivCare by 3.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,483 shares of the company’s stock worth $481,000 after purchasing an additional 608 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of 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 acquiring an additional 1,215 shares during the last quarter. 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 worth $105,000 after acquiring an additional 1,332 shares during the period.

Wall Street Analyst Weigh In

MODV has been the topic of several research analyst reports. Jefferies Financial Group cut their price objective on ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Friday, September 13th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price objective on shares of ModivCare in a report on Monday, November 18th. Finally, Lake Street Capital decreased their target price on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th.

Insider Buying and Selling at ModivCare

In other news, major shareholder Q Global Capital Management, L acquired 20,556 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was acquired 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 in the company, valued at approximately $22,273,772.10. The trade was a 1.37 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders bought 294,680 shares of company stock valued at $4,671,460. Company insiders own 22.10% of the company’s stock.

ModivCare Stock Down 1.5 %

NASDAQ MODV opened at $18.51 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63. The stock has a 50 day moving average price of $15.89 and a 200-day moving average price of $21.88. ModivCare Inc. has a one year low of $11.00 and a one year high of $52.33.

ModivCare (NASDAQ:MODV) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $711.28 million. During the same period last year, the firm posted $1.35 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast that ModivCare Inc. will post 0.64 EPS for the current year.

ModivCare 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.