Stephens Lowers ModivCare (NASDAQ:MODV) Price Target to $3.50

ModivCare (NASDAQ:MODV) had its target price reduced by Stephens from $7.00 to $3.50 in a report published on Monday morning,Benzinga reports. Stephens currently has an equal weight rating on the stock.

Several other equities research analysts have also commented on the company. Lake Street Capital cut their target price on ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Barrington Research dropped their price target on shares of ModivCare from $10.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th.

ModivCare Trading Down 6.6 %

NASDAQ MODV opened at $2.28 on Monday. The business’s 50-day moving average price is $5.78 and its two-hundred day moving average price is $13.25. 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 firm has a market capitalization of $32.59 million, a PE ratio of -0.18, a price-to-earnings-growth ratio of 3.46 and a beta of 0.59. ModivCare has a 12 month low of $2.20 and a 12 month high of $32.82.

Insider Buying and Selling

In related news, major shareholder Q Global Capital Management, L sold 262,532 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $6.53, for a total value of $1,714,333.96. Following the sale, the insider now directly owns 1,221,933 shares in the company, valued at approximately $7,979,222.49. The trade was a 17.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Catalyst Fund Lp Ai bought 187,500 shares of the stock in a transaction on Monday, February 3rd. The shares were acquired at an average cost of $3.87 per share, for a total transaction of $725,625.00. Following the acquisition, the insider now directly owns 2,130,000 shares in the company, valued at approximately $8,243,100. This trade represents a 9.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 378,837 shares of company stock worth $1,529,635. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On ModivCare

Several large investors have recently added to or reduced their stakes in the business. HG Vora Capital Management LLC purchased a new position in shares of ModivCare in the 3rd quarter worth about $17,136,000. Q Global Advisors LLC boosted its stake in shares of ModivCare by 96.3% during the 4th quarter. Q Global Advisors LLC now owns 1,967,098 shares of the company’s stock valued at $23,290,000 after purchasing an additional 964,998 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of ModivCare by 5.4% during the fourth quarter. Neuberger Berman Group LLC now owns 2,069,161 shares of the company’s stock valued at $24,499,000 after purchasing an additional 106,485 shares in the last quarter. Bank of America Corp DE grew its position in shares of ModivCare by 176.2% in the 4th quarter. Bank of America Corp DE now owns 147,961 shares of the company’s stock worth $1,752,000 after buying an additional 94,382 shares during the period. Finally, Sona Asset Management US LLC bought a new position in ModivCare during the 4th quarter valued at approximately $770,000.

ModivCare Company 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.