Insider Buying: ModivCare Inc. (NASDAQ:MODV) Major Shareholder Buys 9,210 Shares of Stock

ModivCare Inc. (NASDAQ:MODV) major shareholder Q Global Capital Management, L bought 9,210 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $17.73 per share, for a total transaction of $163,293.30. Following the acquisition, the insider now directly owns 1,967,098 shares in the company, valued at approximately $34,876,647.54. The trade was a 0.47 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Wednesday, December 4th, Q Global Capital Management, L bought 3,352 shares of ModivCare stock. The stock was acquired at an average cost of $17.74 per share, for a total transaction of $59,464.48.
• On Monday, December 2nd, Q Global Capital Management, L bought 1,583 shares of ModivCare stock. The stock was acquired at an average cost of $17.75 per share, for a total transaction of $28,098.25.
• On Friday, November 29th, Q Global Capital Management, L bought 198 shares of ModivCare stock. The stock was 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 stock was 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 acquired 23,657 shares of ModivCare stock. The stock was purchased at an average price of $16.92 per share, with a total value of $400,276.44.
• On Tuesday, November 19th, Q Global Capital Management, L acquired 21,411 shares of ModivCare stock. The stock was purchased at an average price of $15.59 per share, with a total value of $333,797.49.
• On Thursday, November 7th, Q Global Capital Management, L acquired 58,191 shares of ModivCare stock. The stock was 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 acquired 20,927 shares of ModivCare stock. The stock was 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 acquired 33,495 shares of ModivCare stock. The stock was 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 bought 38,292 shares of ModivCare stock. The shares were bought at an average price of $15.89 per share, with a total value of $608,459.88.

ModivCare Price Performance

MODV stock traded up $0.32 during midday trading on Friday, reaching $18.07. 165,592 shares of the company’s stock traded hands, compared to its average volume of 250,747. The company has a 50-day simple moving average of $16.38 and a two-hundred day simple moving average of $21.69. ModivCare Inc. has a 1-year low of $11.00 and a 1-year high of $52.33. The company has a market cap of $258.11 million, a price-to-earnings ratio of -1.38, a PEG ratio of 2.80 and a beta of 0.52. 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 released its quarterly earnings results 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 negative net margin of 6.57% and a positive return on equity of 26.14%. The business had revenue of $702.04 million for 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. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, analysts anticipate that ModivCare Inc. will post 0.64 earnings per share for the current year.

Institutional Investors Weigh In On ModivCare

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of ModivCare in the 3rd quarter valued at $43,000. Barclays PLC increased its stake in shares of ModivCare by 249.4% in the 3rd quarter. Barclays PLC now owns 15,235 shares of the company’s stock valued at $218,000 after buying an additional 10,875 shares during the period. K2 Principal Fund L.P. increased its stake in shares of ModivCare by 24.6% in the 3rd quarter. K2 Principal Fund L.P. now owns 158,820 shares of the company’s stock valued at $2,268,000 after buying an additional 31,334 shares during the period. State Street Corp increased its stake in shares of ModivCare by 1.5% in the 3rd quarter. State Street Corp now owns 349,750 shares of the company’s stock valued at $4,994,000 after buying an additional 5,115 shares during the period. Finally, Repertoire Partners LP acquired a new stake in shares of ModivCare in the 3rd quarter valued at $178,000.

Analyst Ratings Changes

Several research firms recently commented on MODV. Lake Street Capital cut their target price on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Barrington Research restated an “outperform” rating and set a $25.00 target price on shares of ModivCare in a research report on Monday, November 18th. Finally, Jefferies Financial Group cut their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research report on Friday, September 13th.

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.