Insider Buying: ModivCare Inc. (NASDAQ:MODV) Major Shareholder Acquires 1,583 Shares of Stock

ModivCare Inc. (NASDAQ:MODV) major shareholder Q Global Capital Management, L bought 1,583 shares of the stock in a transaction on Monday, December 2nd. The shares were acquired at an average cost of $17.75 per share, for a total transaction of $28,098.25. Following the completion of the transaction, the insider now directly owns 1,921,633 shares of the company’s stock, valued at approximately $34,108,985.75. The trade was a 0.08 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more 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 Friday, November 29th, Q Global Capital Management, L bought 198 shares of ModivCare stock. The shares were acquired at an average cost of $17.75 per share, for a total transaction of $3,514.50.
• On Wednesday, November 27th, Q Global Capital Management, L bought 126 shares of ModivCare stock. The shares were acquired at an average cost of $17.74 per share, for a total transaction of $2,235.24.
• On Thursday, November 21st, Q Global Capital Management, L bought 23,657 shares of ModivCare stock. The shares were acquired at an average cost of $16.92 per share, for a total transaction of $400,276.44.
• On Tuesday, November 19th, Q Global Capital Management, L bought 21,411 shares of ModivCare stock. The shares were acquired at an average cost of $15.59 per share, for a total transaction of $333,797.49.
• On Thursday, November 7th, Q Global Capital Management, L purchased 58,191 shares of ModivCare stock. The shares were purchased at an average price of $17.13 per share, with a total value 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 price of $16.13 per share, with a total value of $337,552.51.
• On Friday, November 1st, Q Global Capital Management, L purchased 33,495 shares of ModivCare stock. The shares were purchased at an average price of $16.15 per share, with a total value of $540,944.25.
• On Wednesday, October 30th, Q Global Capital Management, L purchased 38,292 shares of ModivCare stock. The shares were purchased at an average price of $15.89 per share, with a total value of $608,459.88.
• On Monday, October 28th, Q Global Capital Management, L bought 25,496 shares of ModivCare stock. The stock was bought at an average price of $15.69 per share, with a total value of $400,032.24.
• On Friday, October 25th, Q Global Capital Management, L bought 20,556 shares of ModivCare stock. The stock was bought at an average price of $14.65 per share, with a total value of $301,145.40.

ModivCare Trading Down 1.5 %

NASDAQ:MODV opened at $17.73 on Thursday. ModivCare Inc. has a 12-month low of $11.00 and a 12-month high of $52.33. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50-day moving average price of $16.14 and a 200 day moving average price of $21.74.

ModivCare (NASDAQ:MODV) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.04). The business had revenue of $702.04 million during 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 business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company earned $1.35 EPS. Equities research analysts predict that ModivCare Inc. will post 0.64 earnings per share for the current year.

Institutional Trading of ModivCare

Hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC increased 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 buying an additional 1,215 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of ModivCare in the second quarter valued at approximately $60,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of ModivCare in the third quarter valued at approximately $43,000. FMR LLC increased its holdings in shares of ModivCare by 227.5% in the third quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after purchasing an additional 2,657 shares in the last quarter. Finally, Quest Partners LLC boosted its stake in ModivCare by 49.9% in the second quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock valued at $105,000 after acquiring an additional 1,332 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Lake Street Capital reduced 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. Jefferies Financial Group reduced their target price on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research note on Friday, September 13th. Finally, Barrington Research reiterated an “outperform” rating and issued a $25.00 target price on shares of ModivCare in a research note on Monday, November 18th.

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.