AlphaQuest LLC Trims Position in ModivCare Inc. (NASDAQ:MODV)

AlphaQuest LLC cut its holdings in shares of ModivCare Inc. (NASDAQ:MODV) by 77.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,199 shares of the company’s stock after selling 7,580 shares during the quarter. AlphaQuest LLC’s holdings in ModivCare were worth $26,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. HG Vora Capital Management LLC purchased a new position in ModivCare during the 3rd quarter worth approximately $17,136,000. State Street Corp raised its position in ModivCare by 1.5% during the 3rd quarter. State Street Corp now owns 349,750 shares of the company’s stock worth $4,994,000 after buying an additional 5,115 shares during the last quarter. K2 Principal Fund L.P. raised its position in ModivCare by 24.6% during the 3rd quarter. K2 Principal Fund L.P. now owns 158,820 shares of the company’s stock worth $2,268,000 after buying an additional 31,334 shares during the last quarter. Wolverine Asset Management LLC raised its position in ModivCare by 14.8% during the 4th quarter. Wolverine Asset Management LLC now owns 110,172 shares of the company’s stock worth $1,304,000 after buying an additional 14,209 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in ModivCare by 49.5% during the 4th quarter. Bank of New York Mellon Corp now owns 55,287 shares of the company’s stock worth $655,000 after buying an additional 18,315 shares during the last quarter.

Insider Activity at ModivCare

In related news, major shareholder Catalyst Fund Lp Ai purchased 187,500 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were purchased at an average price of $3.87 per share, with a total value of $725,625.00. Following the purchase, the insider now owns 2,130,000 shares of the company’s stock, valued at $8,243,100. The trade was a 9.65 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Q Global Capital Management, L sold 262,532 shares of ModivCare stock in a transaction on Monday, January 13th. The stock was sold at an average price of $6.53, for a total transaction 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. This trade represents a 17.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 378,837 shares of company stock valued at $1,529,635. 1.20% of the stock is owned by company insiders.

ModivCare Price Performance

NASDAQ:MODV opened at $2.12 on Friday. The company has a 50 day moving average price of $4.51 and a 200-day moving average price of $12.12. ModivCare Inc. has a 1-year low of $2.07 and a 1-year high of $32.82. The firm has a market cap of $30.40 million, a price-to-earnings ratio of -0.16, a price-to-earnings-growth ratio of 3.46 and a beta of 0.59. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MODV shares. Lake Street Capital cut their target price on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 13th. Stephens cut their target price on shares of ModivCare from $7.00 to $3.50 and set an “equal weight” rating for the company in a report on Monday, March 10th. Finally, Barrington Research cut their target price on shares of ModivCare from $10.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, March 7th.

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.