ModivCare (NASDAQ:MODV) Price Target Lowered to $10.00 at Lake Street Capital

ModivCare (NASDAQ:MODV) had its target price cut by Lake Street Capital from $30.00 to $10.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Stephens reiterated an “equal weight” rating and issued a $17.00 target price (down from $21.00) on shares of ModivCare in a research note on Friday. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of ModivCare in a research report on Monday, November 18th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.20.

ModivCare Price Performance

NASDAQ MODV opened at $6.65 on Monday. The firm’s 50 day moving average is $14.88 and its 200-day moving average is $18.95. 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 capitalization of $94.99 million, a PE ratio of -0.52, a price-to-earnings-growth ratio of 2.77 and a beta of 0.60. ModivCare has a 12-month low of $6.32 and a 12-month high of $52.33.

ModivCare (NASDAQ:MODV) last issued its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The firm had revenue of $702.04 million for the quarter, compared to analyst estimates of $711.28 million. ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. ModivCare’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.35 earnings per share. Equities research analysts anticipate that ModivCare will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Q Global Capital Management, L bought 1,583 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was bought at an average price of $17.75 per share, with a total value of $28,098.25. Following the completion of the acquisition, the insider now owns 1,921,633 shares of the company’s stock, valued at $34,108,985.75. This represents a 0.08 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders purchased 311,079 shares of company stock worth $4,942,602 over the last three months. Insiders own 22.10% of the company’s stock.

Institutional Trading of ModivCare

Several hedge funds and other institutional investors have recently bought and sold shares of MODV. Quest Partners LLC increased 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 period. American Century Companies Inc. raised its holdings in ModivCare by 9.5% in the 2nd quarter. American Century Companies Inc. now owns 19,916 shares of the company’s stock valued at $523,000 after acquiring an additional 1,726 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of ModivCare during the 2nd quarter valued at $60,000. FMR LLC grew its holdings in shares of ModivCare by 227.5% during the 3rd quarter. FMR LLC now owns 3,825 shares of the company’s stock worth $55,000 after purchasing an additional 2,657 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of ModivCare in the third quarter worth $43,000.

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.