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

ModivCare (NASDAQ:MODV)‘s stock had its “equal weight” rating reiterated by investment analysts at Stephens in a report issued on Friday,Benzinga reports. They presently have a $17.00 price target on the stock, down from their prior price target of $21.00. Stephens’ price target indicates a potential upside of 159.15% from the company’s current price.

Several other brokerages also recently weighed in on MODV. Lake Street Capital lowered their target price on ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Jefferies Financial Group lowered their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research note on Friday, September 13th. Finally, Barrington Research reiterated an “outperform” rating and issued a $25.00 target price on shares of ModivCare in a research note on Monday, November 18th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $25.20.

ModivCare Trading Down 47.5 %

NASDAQ:MODV opened at $6.56 on Friday. The stock’s 50 day moving average price is $15.07 and its 200 day moving average price is $19.12. The company has a market capitalization of $93.70 million, a PE ratio of -0.51, a P/E/G ratio of 2.77 and a beta of 0.60. 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 has a 52-week low of $6.51 and a 52-week high of $52.33.

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). ModivCare had a negative net margin of 6.57% and a positive return on equity of 26.14%. The company had revenue of $702.04 million during the quarter, compared to analysts’ expectations of $711.28 million. During the same quarter last year, the business posted $1.35 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, research analysts anticipate that ModivCare will post 0.64 EPS for the current year.

Insider Activity

In other news, major shareholder Q Global Capital Management, L acquired 20,556 shares of ModivCare stock in a transaction that occurred on Friday, October 25th. The stock was purchased at an average cost of $14.65 per share, with a total value of $301,145.40. Following the completion of the acquisition, the insider now owns 1,520,394 shares in the company, valued at $22,273,772.10. This trade represents a 1.37 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders acquired 307,242 shares of company stock valued at $4,894,217 in the last three months. 22.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ModivCare

Several hedge funds and other institutional investors have recently bought and sold shares of MODV. Quest Partners LLC raised its holdings in 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. American Century Companies Inc. raised its holdings in ModivCare by 9.5% during the second quarter. American Century Companies Inc. now owns 19,916 shares of the company’s stock worth $523,000 after purchasing an additional 1,726 shares during the last quarter. Renaissance Technologies LLC raised its holdings in 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 during the last quarter. Canada Pension Plan Investment Board acquired a new position in ModivCare during the second quarter worth $60,000. Finally, Sei Investments Co. raised its holdings in ModivCare by 9.2% during the second quarter. Sei Investments Co. now owns 74,956 shares of the company’s stock worth $1,967,000 after purchasing an additional 6,318 shares during the last quarter.

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.