Fmr LLC Buys 2,657 Shares of ModivCare Inc. (NASDAQ:MODV)

Fmr LLC boosted its position in shares of ModivCare Inc. (NASDAQ:MODV) by 227.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,825 shares of the company’s stock after acquiring an additional 2,657 shares during the period. Fmr LLC’s holdings in ModivCare were worth $55,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Millennium Management LLC raised its position in shares of ModivCare by 83.2% during the 2nd quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock valued at $22,076,000 after purchasing an additional 381,995 shares during the period. K2 Principal Fund L.P. bought a new stake in ModivCare during the second quarter valued at about $3,345,000. AYAL Capital Advisors Ltd raised its holdings in ModivCare by 42.1% during the second quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock valued at $6,899,000 after acquiring an additional 77,930 shares during the period. Renaissance Technologies LLC lifted its position in shares of ModivCare by 11.7% in the second quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock valued at $7,985,000 after acquiring an additional 31,800 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of ModivCare in the third quarter worth about $369,000.

Insider Transactions at ModivCare

In related news, major shareholder Q Global Capital Management, L acquired 9,210 shares of the stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $17.73 per share, with a total value of $163,293.30. Following the purchase, the insider now directly owns 1,967,098 shares of the company’s stock, valued at approximately $34,876,647.54. This trade represents a 0.47 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have acquired a total of 307,242 shares of company stock worth $4,894,217 in the last three months. Insiders own 22.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Lake Street Capital decreased 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 reduced their price objective on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Friday, September 13th. Finally, Barrington Research restated an “outperform” rating and set a $25.00 target price on shares of ModivCare in a research report on Monday, November 18th.

ModivCare Stock Performance

NASDAQ MODV opened at $11.39 on Wednesday. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80. ModivCare Inc. has a 1-year low of $10.63 and a 1-year high of $52.33. The business has a 50 day simple moving average of $16.23 and a two-hundred day simple moving average of $20.58. The stock has a market capitalization of $162.69 million, a PE ratio of -0.88, a P/E/G ratio of 2.77 and a beta of 0.52.

ModivCare (NASDAQ:MODV) last posted 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 business 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%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.35 earnings per share. On average, research analysts predict that ModivCare Inc. will post 0.64 EPS for the current fiscal year.

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.