Stephens Reaffirms Equal Weight Rating for ModivCare (NASDAQ:MODV)

ModivCare (NASDAQ:MODV)‘s stock had its “equal weight” rating reissued by Stephens in a research note issued to investors on Friday,Benzinga reports. They presently have a $17.00 price objective on the stock, down from their previous price objective of $21.00. Stephens’ price target suggests a potential upside of 141.82% from the company’s previous close.

Several other equities research analysts also recently weighed in on MODV. Lake Street Capital dropped their target price on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 target price on shares of ModivCare in a report on Monday, November 18th. Finally, Jefferies Financial Group dropped their price target on ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Friday, September 13th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, ModivCare presently has a consensus rating of “Hold” and a consensus price target of $25.20.

ModivCare Stock Down 43.7 %

Shares of MODV stock traded down $5.46 on Friday, hitting $7.03. The stock had a trading volume of 1,516,064 shares, compared to its average volume of 396,426. ModivCare has a 52-week low of $6.91 and a 52-week high of $52.33. The firm has a market capitalization of $100.42 million, a price-to-earnings ratio of -0.55, a P/E/G ratio of 2.77 and a beta of 0.60. 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 stock’s 50 day moving average is $15.26 and its 200-day moving average is $19.30.

ModivCare (NASDAQ:MODV) last announced its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share (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 analyst estimates of $711.28 million. During the same period in the previous year, the company earned $1.35 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, research analysts expect that ModivCare will post 0.64 earnings per share for the current year.

Insider Activity at ModivCare

In other news, major shareholder Q Global Capital Management, L purchased 20,556 shares of the company’s stock in a transaction on Friday, October 25th. The shares were bought 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 owns 1,520,394 shares of the company’s stock, valued at $22,273,772.10. This trade represents a 1.37 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 307,242 shares of company stock worth $4,894,217 in the last 90 days. 22.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MODV. Quest Partners LLC increased its stake in shares of ModivCare by 49.9% during the second quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock valued at $105,000 after acquiring an additional 1,332 shares during the period. American Century Companies Inc. increased its position in shares of ModivCare by 9.5% during the 2nd quarter. American Century Companies Inc. now owns 19,916 shares of the company’s stock valued at $523,000 after purchasing an additional 1,726 shares during the period. Renaissance Technologies LLC lifted its holdings 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 buying an additional 31,800 shares during the period. Canada Pension Plan Investment Board bought a new position in ModivCare during the second quarter valued at about $60,000. Finally, Sei Investments Co. grew its holdings in ModivCare by 9.2% during the second quarter. Sei Investments Co. now owns 74,956 shares of the company’s stock worth $1,967,000 after acquiring an additional 6,318 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.