Stephens Reaffirms “Equal Weight” Rating for ModivCare (NASDAQ:MODV)

ModivCare (NASDAQ:MODV)‘s stock had its “equal weight” rating restated by equities research analysts at Stephens in a research note issued on Friday,Benzinga reports. They currently have a $17.00 price objective on the stock, down from their previous price objective of $21.00. Stephens’ target price points to a potential upside of 159.15% from the company’s previous close.

A number of other brokerages also recently commented on MODV. Jefferies Financial Group lowered their price objective on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research report on Friday, September 13th. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of ModivCare in a research report on Monday, November 18th. Finally, Lake Street Capital lowered their price objective on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, ModivCare has a consensus rating of “Hold” and a consensus target price of $25.20.

ModivCare Stock Performance

NASDAQ MODV opened at $6.56 on Friday. ModivCare has a fifty-two week low of $6.51 and a fifty-two week high of $52.33. The stock has a market cap of $93.70 million, a price-to-earnings ratio of -0.51, a price-to-earnings-growth ratio of 2.77 and a beta of 0.60. The business has a fifty day moving average of $15.07 and a 200-day moving average of $19.12. 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 positive return on equity of 26.14% and a negative net margin of 6.57%. The company had revenue of $702.04 million during the quarter, compared to analyst estimates of $711.28 million. During the same period last year, the firm earned $1.35 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. As a group, analysts predict that ModivCare will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at ModivCare

In other news, major shareholder Q Global Capital Management, L purchased 20,556 shares of the stock in a transaction on Friday, October 25th. The stock was purchased at an average price of $14.65 per share, with a total value of $301,145.40. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders bought 307,242 shares of company stock valued at $4,894,217. Company insiders own 22.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MODV. HG Vora Capital Management LLC acquired a new position in shares of ModivCare during the third quarter worth about $17,136,000. Millennium Management LLC lifted its stake in shares of ModivCare by 83.2% during the second quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock worth $22,076,000 after purchasing an additional 381,995 shares in the last quarter. K2 Principal Fund L.P. acquired a new position in shares of ModivCare during the second quarter worth about $3,345,000. AYAL Capital Advisors Ltd lifted its stake in shares of ModivCare by 42.1% during the second quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock worth $6,899,000 after purchasing an additional 77,930 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of ModivCare by 11.7% during the second quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock worth $7,985,000 after purchasing an additional 31,800 shares in the last quarter.

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.