ModivCare Inc. (NASDAQ:MODV) Sees Significant Increase in Short Interest

ModivCare Inc. (NASDAQ:MODV) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 644,300 shares, an increase of 18.3% from the November 30th total of 544,500 shares. Currently, 4.6% of the company’s shares are short sold. Based on an average daily trading volume, of 281,200 shares, the short-interest ratio is currently 2.3 days.

Analysts Set New Price Targets

A number of equities research analysts have commented on MODV shares. Barrington Research reissued an “outperform” rating and issued a $25.00 price objective on shares of ModivCare in a research report on Monday, November 18th. Jefferies Financial Group lowered their price target on ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a report on Friday, September 13th. Finally, Lake Street Capital reduced 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.

Insider Transactions at ModivCare

In other ModivCare news, major shareholder Q Global Capital Management, L purchased 9,210 shares of ModivCare stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $17.73 per share, with a total value of $163,293.30. Following the completion of the transaction, the insider now owns 1,967,098 shares of the company’s stock, valued at $34,876,647.54. This trade represents a 0.47 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders bought a total of 307,242 shares of company stock worth $4,894,217 over the last ninety days. Company insiders own 22.10% of the company’s stock.

Hedge Funds Weigh In On ModivCare

Several hedge funds have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of ModivCare during the 3rd quarter worth about $43,000. Barclays PLC boosted its position in ModivCare by 249.4% during the third quarter. Barclays PLC now owns 15,235 shares of the company’s stock worth $218,000 after acquiring an additional 10,875 shares during the last quarter. K2 Principal Fund L.P. boosted its position in ModivCare by 24.6% during the third quarter. K2 Principal Fund L.P. now owns 158,820 shares of the company’s stock worth $2,268,000 after acquiring an additional 31,334 shares during the last quarter. State Street Corp grew its stake in ModivCare by 1.5% in the 3rd quarter. State Street Corp now owns 349,750 shares of the company’s stock worth $4,994,000 after acquiring an additional 5,115 shares during the period. Finally, Repertoire Partners LP acquired a new position in ModivCare in the 3rd quarter valued at $178,000.

ModivCare Trading Up 3.2 %

Shares of ModivCare stock opened at $11.35 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 103.63. The firm has a market cap of $162.12 million, a price-to-earnings ratio of -0.88, a price-to-earnings-growth ratio of 2.77 and a beta of 0.52. ModivCare has a 52-week low of $10.25 and a 52-week high of $52.33. The company’s 50-day simple moving average is $15.81 and its 200-day simple moving average is $20.18.

ModivCare (NASDAQ:MODV) last issued its 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 business had revenue of $702.04 million for the quarter, compared to analysts’ expectations of $711.28 million. During the same period last year, the company posted $1.35 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that ModivCare will post 0.64 earnings per share for the current year.

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.