Insider Buying: ModivCare Inc. (NASDAQ:MODV) Major Shareholder Purchases 187,500 Shares of Stock

ModivCare Inc. (NASDAQ:MODV) major shareholder Catalyst Fund Lp Ai acquired 187,500 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was purchased at an average cost of $4.03 per share, with a total value of $755,625.00. Following the completion of the purchase, the insider now directly owns 1,942,500 shares of the company’s stock, valued at approximately $7,828,275. This represents a 10.68 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Catalyst Fund Lp Ai also recently made the following trade(s):

• On Monday, February 3rd, Catalyst Fund Lp Ai bought 187,500 shares of ModivCare stock. The shares were purchased at an average price of $3.87 per share, with a total value of $725,625.00.

ModivCare Stock Performance

Shares of MODV opened at $4.24 on Thursday. ModivCare Inc. has a 1 year low of $3.64 and a 1 year high of $52.33. The stock has a market capitalization of $60.55 million, a PE ratio of -0.33, a PEG ratio of 2.50 and a beta of 0.55. 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 stock has a 50-day simple moving average of $10.99 and a 200-day simple moving average of $16.60.

ModivCare (NASDAQ:MODV) last issued 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). ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The firm had revenue of $702.04 million during the quarter, compared to analysts’ expectations of $711.28 million. During the same quarter in the prior year, the firm earned $1.35 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. On average, analysts predict that ModivCare Inc. will post -0.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Barrington Research cut their price target on shares of ModivCare from $25.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 14th. Lake Street Capital cut their target price on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Stephens reissued an “equal weight” rating and issued a $17.00 price target (down previously from $21.00) on shares of ModivCare in a research report on Friday, January 10th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.20.

Institutional Investors Weigh In On ModivCare

Several institutional investors have recently modified their holdings of MODV. Wilmington Savings Fund Society FSB purchased a new position in ModivCare in the third quarter valued at $43,000. FMR LLC increased its holdings in shares of ModivCare by 227.5% in the 3rd quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after acquiring an additional 2,657 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of ModivCare during the 3rd quarter worth about $102,000. Quest Partners LLC lifted its stake in ModivCare by 144.3% during the third quarter. Quest Partners LLC now owns 9,779 shares of the company’s stock worth $140,000 after purchasing an additional 5,776 shares during the last quarter. Finally, Repertoire Partners LP purchased a new stake in ModivCare during the third quarter worth approximately $178,000.

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.