State Street Corp Buys 5,115 Shares of ModivCare Inc. (NASDAQ:MODV)

State Street Corp raised its position in shares of ModivCare Inc. (NASDAQ:MODV) by 1.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 349,750 shares of the company’s stock after acquiring an additional 5,115 shares during the quarter. State Street Corp owned approximately 2.45% of ModivCare worth $4,994,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC boosted its position in shares of ModivCare by 227.5% during the third quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after purchasing an additional 2,657 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in ModivCare during the second quarter valued at $60,000. SG Americas Securities LLC bought a new stake in shares of ModivCare during the 3rd quarter valued at $102,000. Quest Partners LLC grew its position in shares of ModivCare by 49.9% in the 2nd quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock worth $105,000 after buying an additional 1,332 shares during the period. Finally, Repertoire Partners LP bought a new position in shares of ModivCare in the 3rd quarter worth about $178,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Lake Street Capital cut their price objective on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of ModivCare in a research note on Monday, November 18th. Finally, Jefferies Financial Group reduced their price objective on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research report on Friday, September 13th.

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 bought at an average price of $14.65 per share, for a total transaction of $301,145.40. Following the completion of the transaction, the insider now 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased 307,242 shares of company stock valued at $4,894,217 over the last three months. Insiders own 22.10% of the company’s stock.

ModivCare Stock Up 3.2 %

Shares of ModivCare stock opened at $11.35 on Monday. The company has a 50-day simple moving average of $15.81 and a two-hundred day simple moving average of $20.18. The stock has a market capitalization of $162.12 million, a PE ratio of -0.88, a price-to-earnings-growth ratio of 2.77 and a beta of 0.52. ModivCare Inc. has a 52-week low of $10.25 and a 52-week high of $52.33. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80.

ModivCare (NASDAQ:MODV) last announced its quarterly earnings data 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). ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The firm had revenue of $702.04 million during the quarter, compared to analysts’ expectations of $711.28 million. During the same quarter in the previous year, the firm earned $1.35 earnings per share. ModivCare’s revenue was up 2.2% on a year-over-year basis. On average, analysts anticipate 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.