Geode Capital Management LLC Decreases Holdings in ModivCare Inc. (NASDAQ:MODV)

Geode Capital Management LLC cut its position in shares of ModivCare Inc. (NASDAQ:MODV) by 4.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 260,587 shares of the company’s stock after selling 11,195 shares during the quarter. Geode Capital Management LLC owned 1.82% of ModivCare worth $3,722,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC grew its position in shares of ModivCare by 227.5% in the third quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after purchasing an additional 2,657 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in ModivCare in the 2nd quarter valued at about $60,000. SG Americas Securities LLC acquired a new stake in ModivCare during the third quarter worth approximately $102,000. Quest Partners LLC boosted its holdings in shares of ModivCare by 49.9% during the second quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock worth $105,000 after purchasing an additional 1,332 shares during the last quarter. Finally, Repertoire Partners LP purchased a new stake in shares of ModivCare in the third quarter valued at $178,000.

Insider Buying and Selling

In other news, major shareholder Q Global Capital Management, L acquired 20,556 shares of the business’s stock in a transaction on Friday, October 25th. The shares were purchased at an average price of $14.65 per share, for a total transaction of $301,145.40. Following the completion of the purchase, the insider now directly owns 1,520,394 shares of the company’s stock, valued at $22,273,772.10. This represents a 1.37 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 307,242 shares of company stock worth $4,894,217. Insiders own 22.10% of the company’s stock.

ModivCare Price Performance

MODV opened at $11.67 on Tuesday. The company has a 50 day moving average of $15.47 and a two-hundred day moving average of $19.49. ModivCare Inc. has a 52-week low of $10.19 and a 52-week high of $52.33. 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 company has a market cap of $166.69 million, a P/E ratio of -0.91, a P/E/G ratio of 2.77 and a beta of 0.60.

ModivCare (NASDAQ:MODV) last announced its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.04). The firm had revenue of $702.04 million during the quarter, compared to analysts’ expectations of $711.28 million. ModivCare had a negative net margin of 6.57% and a positive return on equity of 26.14%. ModivCare’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.35 earnings per share. On average, analysts expect that ModivCare Inc. will post 0.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

MODV has been the subject of several recent analyst reports. Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of ModivCare in a report on Monday, November 18th. Jefferies Financial Group cut their price target on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research note on Friday, September 13th. Finally, Lake Street Capital dropped their price objective on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, September 17th.

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.