Barrington Research Forecasts Strong Price Appreciation for ModivCare (NASDAQ:MODV) Stock

ModivCare (NASDAQ:MODV) had its target price increased by equities research analysts at Barrington Research from $22.00 to $25.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Barrington Research’s price objective would indicate a potential upside of 54.04% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group cut their price target on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a report on Friday, September 13th. Lake Street Capital dropped their target price on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th.

ModivCare Stock Performance

Shares of NASDAQ MODV traded down $1.77 during midday trading on Friday, reaching $16.23. The company’s stock had a trading volume of 52,725 shares, compared to its average volume of 257,456. The stock has a market capitalization of $231.12 million, a P/E ratio of -1.44, a PEG ratio of 2.12 and a beta of 0.47. 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 50 day moving average price of $17.82 and a 200-day moving average price of $22.81. ModivCare has a 12-month low of $11.00 and a 12-month high of $52.33.

ModivCare (NASDAQ:MODV) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.80). ModivCare had a positive return on equity of 27.52% and a negative net margin of 5.80%. The business had revenue of $698.30 million during the quarter, compared to analysts’ expectations of $701.00 million. During the same period in the prior year, the firm posted $1.41 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts predict that ModivCare will post 1.06 earnings per share for the current year.

Insiders Place Their Bets

In other ModivCare news, major shareholder Q Global Capital Management, L purchased 50,748 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were bought at an average cost of $14.16 per share, for a total transaction of $718,591.68. Following the purchase, the insider now owns 1,475,038 shares of the company’s stock, valued at $20,886,538.08. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 189,514 shares of company stock worth $2,906,726 over the last quarter. 22.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ModivCare

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Preferred LLC purchased a new position in ModivCare in the 1st quarter worth approximately $159,000. State Board of Administration of Florida Retirement System bought a new position in shares of ModivCare during the 1st quarter valued at about $91,000. Bessemer Group Inc. raised its holdings in shares of ModivCare by 46.7% during the 1st quarter. Bessemer Group Inc. now owns 7,145 shares of the company’s stock valued at $168,000 after buying an additional 2,274 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in ModivCare by 3.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,483 shares of the company’s stock worth $481,000 after buying an additional 608 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in ModivCare by 5,522.7% in the second quarter. Nisa Investment Advisors LLC now owns 1,237 shares of the company’s stock worth $32,000 after buying an additional 1,215 shares in the last quarter.

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.