Barrington Research Issues Pessimistic Forecast for ModivCare (NASDAQ:MODV) Stock Price

ModivCare (NASDAQ:MODV) had its target price lowered by investment analysts at Barrington Research from $10.00 to $6.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Barrington Research’s target price would indicate a potential upside of 118.18% from the company’s previous close.

Several other analysts also recently commented on MODV. Stephens reissued an “equal weight” rating and issued a $17.00 target price (down from $21.00) on shares of ModivCare in a research report on Friday, January 10th. Lake Street Capital decreased their price objective on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 13th.

ModivCare Stock Down 22.5 %

MODV stock opened at $2.75 on Friday. ModivCare has a 12 month low of $2.70 and a 12 month high of $33.64. The firm has a 50 day simple moving average of $6.32 and a 200 day simple moving average of $13.75. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $39.31 million, a PE ratio of -0.21, a P/E/G ratio of 3.46 and a beta of 0.59.

Insider Activity at ModivCare

In other news, major shareholder Q Global Capital Management, L sold 262,532 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $6.53, for a total transaction of $1,714,333.96. Following the completion of the transaction, the insider now directly owns 1,221,933 shares in the company, valued at approximately $7,979,222.49. This represents a 17.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Catalyst Fund Lp Ai acquired 187,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was bought at an average price of $3.87 per share, with a total value of $725,625.00. Following the completion of the acquisition, the insider now directly owns 2,130,000 shares of the company’s stock, valued at $8,243,100. This trade represents a 9.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 378,837 shares of company stock valued at $1,529,635. 1.20% of the stock is owned by insiders.

Hedge Funds Weigh In On ModivCare

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of ModivCare by 13.8% during the 4th quarter. Barclays PLC now owns 17,330 shares of the company’s stock worth $205,000 after purchasing an additional 2,095 shares during the last quarter. Canada Pension Plan Investment Board raised its position in ModivCare by 82.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 5,100 shares of the company’s stock worth $60,000 after purchasing an additional 2,300 shares during the period. Geode Capital Management LLC raised its position in ModivCare by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 262,929 shares of the company’s stock worth $3,114,000 after purchasing an additional 2,342 shares during the period. American Century Companies Inc. increased its position in shares of ModivCare by 10.7% in the fourth quarter. American Century Companies Inc. now owns 24,892 shares of the company’s stock valued at $295,000 after acquiring an additional 2,403 shares during the period. Finally, FMR LLC increased 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 acquiring an additional 2,657 shares during the period.

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.