K2 Principal Fund L.P. Purchases New Position in ModivCare Inc. (NASDAQ:MODV)

K2 Principal Fund L.P. acquired a new position in ModivCare Inc. (NASDAQ:MODV) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 127,486 shares of the company’s stock, valued at approximately $3,345,000. K2 Principal Fund L.P. owned approximately 0.90% of ModivCare at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in ModivCare by 5,522.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,237 shares of the company’s stock worth $32,000 after purchasing an additional 1,215 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of ModivCare during the 2nd quarter worth approximately $60,000. State Board of Administration of Florida Retirement System purchased a new position in shares of ModivCare during the 1st quarter valued at approximately $91,000. Quest Partners LLC grew its stake in ModivCare by 49.9% in the 2nd quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock valued at $105,000 after acquiring an additional 1,332 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in ModivCare in the 1st quarter worth $100,000.

ModivCare Stock Performance

NASDAQ:MODV opened at $11.97 on Tuesday. The company has a market cap of $170.11 million, a P/E ratio of -0.76, a P/E/G ratio of 1.42 and a beta of 0.52. ModivCare Inc. has a twelve month low of $11.00 and a twelve month high of $52.33. The company’s 50-day moving average price is $23.56 and its 200-day moving average price is $25.00. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63.

ModivCare (NASDAQ:MODV) last issued its earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.80). ModivCare had a positive return on equity of 27.52% and a negative net margin of 5.80%. The company had revenue of $698.30 million for the quarter, compared to analyst estimates of $701.00 million. During the same quarter in the prior year, the firm earned $1.41 earnings per share. The company’s revenue for the quarter was down .1% on a year-over-year basis. On average, sell-side analysts forecast that ModivCare Inc. will post 1.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on MODV. Barrington Research cut their target price on shares of ModivCare from $35.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, September 17th. Lake Street Capital cut their price objective on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Finally, Jefferies Financial Group decreased their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock 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.