AlphaQuest LLC Trims Position in ModivCare Inc. (NASDAQ:MODV)

AlphaQuest LLC trimmed its holdings in shares of ModivCare Inc. (NASDAQ:MODV) by 77.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,199 shares of the company’s stock after selling 7,580 shares during the period. AlphaQuest LLC’s holdings in ModivCare were worth $26,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MODV. HG Vora Capital Management LLC bought a new position in ModivCare during the 3rd quarter worth about $17,136,000. K2 Principal Fund L.P. grew its holdings in ModivCare by 24.6% during the 3rd quarter. K2 Principal Fund L.P. now owns 158,820 shares of the company’s stock worth $2,268,000 after acquiring an additional 31,334 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in ModivCare during the 3rd quarter worth about $369,000. Bank of New York Mellon Corp grew its holdings in ModivCare by 49.5% during the 4th quarter. Bank of New York Mellon Corp now owns 55,287 shares of the company’s stock worth $655,000 after acquiring an additional 18,315 shares in the last quarter. Finally, Wolverine Asset Management LLC grew its holdings in ModivCare by 14.8% during the 4th quarter. Wolverine Asset Management LLC now owns 110,172 shares of the company’s stock worth $1,304,000 after acquiring an additional 14,209 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MODV shares. Lake Street Capital dropped their target price on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Stephens lowered their price target on shares of ModivCare from $7.00 to $3.50 and set an “equal weight” rating on the stock in a report on Monday, March 10th. Finally, Barrington Research lowered their price target on shares of ModivCare from $10.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, March 7th.

ModivCare Stock Down 2.3 %

NASDAQ:MODV opened at $2.12 on Friday. ModivCare Inc. has a fifty-two week low of $2.07 and a fifty-two week high of $32.82. The stock has a market capitalization of $30.40 million, a P/E ratio of -0.16, a P/E/G ratio of 3.46 and a beta of 0.59. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80. The company’s 50-day simple moving average is $4.51 and its 200-day simple moving average is $12.12.

Insider Activity

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

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.