Barrington Research Weighs in on ModivCare FY2024 Earnings

ModivCare Inc. (NASDAQ:MODV) – Investment analysts at Barrington Research cut their FY2024 earnings estimates for shares of ModivCare in a research report issued on Tuesday, January 14th. Barrington Research analyst M. Petusky now anticipates that the company will post earnings of ($0.36) per share for the year, down from their prior forecast of $0.25. Barrington Research has a “Outperform” rating and a $10.00 price objective on the stock. The consensus estimate for ModivCare’s current full-year earnings is $0.67 per share. Barrington Research also issued estimates for ModivCare’s Q4 2024 earnings at ($0.33) EPS, Q1 2025 earnings at ($0.45) EPS, Q2 2025 earnings at ($0.23) EPS, Q3 2025 earnings at $0.09 EPS, Q4 2025 earnings at $0.29 EPS, FY2025 earnings at ($0.28) EPS and FY2026 earnings at $1.14 EPS.

A number of other research firms also recently commented on MODV. Stephens reiterated an “equal weight” rating and set a $17.00 price objective (down from $21.00) on shares of ModivCare in a research note on Friday, January 10th. Lake Street Capital reduced their price target on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, ModivCare currently has a consensus rating of “Hold” and an average target price of $18.20.

ModivCare Stock Up 3.2 %

MODV stock opened at $7.35 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63. The firm has a 50 day simple moving average of $14.47 and a 200-day simple moving average of $18.73. The company has a market capitalization of $104.96 million, a P/E ratio of -0.57, a PEG ratio of 0.31 and a beta of 0.60. ModivCare has a twelve month low of $5.55 and a twelve month high of $52.33.

ModivCare (NASDAQ:MODV) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $702.04 million during the quarter, compared to analysts’ expectations of $711.28 million. During the same period in the prior year, the company posted $1.35 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis.

Hedge Funds Weigh In On ModivCare

Institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. lifted its holdings in shares of ModivCare by 9.5% in the 2nd 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. Canada Pension Plan Investment Board acquired a new stake in ModivCare in the second quarter worth $60,000. FMR LLC lifted its stake in 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 buying an additional 2,657 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of ModivCare during the third quarter worth about $43,000. Finally, State Street Corp grew its position in shares of ModivCare by 1.5% during the third 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 last quarter.

Insiders Place Their Bets

In other ModivCare news, major shareholder Q Global Capital Management, L acquired 20,556 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $22,273,772.10. The trade was a 1.37 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders acquired a total of 311,079 shares of company stock valued at $4,942,602 over the last 90 days. 22.10% of the stock is owned by company insiders.

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.