Barrington Research Estimates ModivCare FY2024 Earnings

ModivCare Inc. (NASDAQ:MODV) – Equities researchers at Barrington Research dropped their FY2024 earnings estimates for ModivCare in a note issued to investors on Tuesday, January 14th. Barrington Research analyst M. Petusky now anticipates that the company will post earnings per share of ($0.36) for the year, down from their prior estimate of $0.25. Barrington Research has a “Outperform” rating and a $10.00 price objective on the stock. The consensus estimate for ModivCare’s current full-year earnings is $0.67 per share. Barrington Research also issued estimates for ModivCare’s Q4 2024 earnings at ($0.33) EPS, Q1 2025 earnings at ($0.45) EPS, Q2 2025 earnings at ($0.23) EPS, Q3 2025 earnings at $0.09 EPS, Q4 2025 earnings at $0.29 EPS, FY2025 earnings at ($0.28) EPS and FY2026 earnings at $1.14 EPS.

ModivCare (NASDAQ:MODV) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate 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 company had revenue of $702.04 million for the quarter, compared to analyst estimates of $711.28 million. During the same quarter in the prior year, the business earned $1.35 earnings per share. ModivCare’s revenue was up 2.2% compared to the same quarter last year.

A number of other research firms also recently issued reports on MODV. Lake Street Capital dropped their price target on ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday. Stephens reaffirmed an “equal weight” rating and issued a $17.00 target price (down from $21.00) on shares of ModivCare in a report on Friday, January 10th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, ModivCare currently has a consensus rating of “Hold” and a consensus price target of $18.20.

ModivCare Stock Performance

MODV opened at $7.12 on Thursday. ModivCare has a one year low of $5.55 and a one year high of $52.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63. The business’s 50-day simple moving average is $14.67 and its 200-day simple moving average is $18.81.

Insider Activity at ModivCare

In related news, major shareholder Q Global Capital Management, L purchased 50,748 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was purchased at an average cost of $14.16 per share, with a total value of $718,591.68. Following the completion of the acquisition, the insider now directly owns 1,475,038 shares in the company, valued at $20,886,538.08. This trade represents a 3.56 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders have purchased 311,079 shares of company stock worth $4,942,602 in the last quarter. Company insiders own 22.10% of the company’s stock.

Hedge Funds Weigh In On ModivCare

A number of large investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new stake in shares of ModivCare in the second quarter valued at about $60,000. Wilmington Savings Fund Society FSB acquired a new stake in ModivCare in the third quarter valued at about $43,000. FMR LLC lifted its position in ModivCare by 227.5% in 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 during the period. SG Americas Securities LLC purchased a new stake in ModivCare in the 3rd quarter valued at approximately $102,000. Finally, Deerfield Management Company L.P. Series C acquired a new position in ModivCare during the 2nd quarter worth approximately $206,000.

About ModivCare

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.