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

ModivCare (NASDAQ:MODV) had its price objective lifted by Barrington Research from $22.00 to $25.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Barrington Research’s price objective indicates a potential upside of 60.77% from the company’s previous close.

Several other brokerages also recently weighed in on MODV. Lake Street Capital reduced their price target on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Jefferies Financial Group cut their price objective on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Friday, September 13th.

ModivCare Stock Down 13.6 %

NASDAQ:MODV traded down $2.45 during mid-day trading on Friday, hitting $15.55. 326,539 shares of the company’s stock were exchanged, compared to its average volume of 258,718. The company has a market cap of $221.43 million, a PE ratio of -1.21, a P/E/G ratio of 2.20 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. ModivCare has a one year low of $11.00 and a one year high of $52.33. The business has a fifty day moving average price of $17.55 and a 200 day moving average price of $22.76.

ModivCare (NASDAQ:MODV) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). ModivCare had a positive return on equity of 18.50% and a negative net margin of 6.57%. The company had revenue of $702.04 million during the quarter, compared to the consensus estimate of $711.28 million. During the same period in the prior year, the firm earned $1.35 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts predict that ModivCare will post 1.06 EPS for the current year.

Insider Activity at ModivCare

In other ModivCare news, major shareholder Q Global Capital Management, L bought 50,748 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was acquired at an average price of $14.16 per share, with a total value of $718,591.68. Following the transaction, the insider now owns 1,475,038 shares in the company, valued at $20,886,538.08. This represents a 0.00 % 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 acquired 189,514 shares of company stock valued at $2,906,726 over the last ninety days. Insiders own 22.10% of the company’s stock.

Institutional Investors Weigh In On ModivCare

A number of large investors have recently added to or reduced their stakes in MODV. Nisa Investment Advisors LLC boosted its stake in shares of ModivCare by 5,522.7% in the 2nd 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 during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of ModivCare during the 2nd quarter valued at about $60,000. State Board of Administration of Florida Retirement System bought a new stake in shares of ModivCare during the 1st quarter valued at about $91,000. Quest Partners LLC increased its position in shares of ModivCare by 49.9% during the 2nd quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock valued at $105,000 after purchasing an additional 1,332 shares during the last quarter. Finally, Advisors Preferred LLC bought a new position in shares of ModivCare in the 1st quarter worth approximately $159,000.

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.