Q Global Capital Management, L Acquires 21,411 Shares of ModivCare Inc. (NASDAQ:MODV) Stock

ModivCare Inc. (NASDAQ:MODV) major shareholder Q Global Capital Management, L bought 21,411 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were bought at an average price of $15.59 per share, with a total value of $333,797.49. Following the completion of the acquisition, the insider now directly owns 1,834,136 shares in the company, valued at $28,594,180.24. This trade represents a 1.18 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Q Global Capital Management, L also recently made the following trade(s):

• On Thursday, November 21st, Q Global Capital Management, L bought 23,657 shares of ModivCare stock. The shares were bought at an average price of $16.92 per share, with a total value of $400,276.44.
• On Thursday, November 7th, Q Global Capital Management, L bought 58,191 shares of ModivCare stock. The shares were bought at an average price of $17.13 per share, with a total value of $996,811.83.
• On Monday, November 4th, Q Global Capital Management, L acquired 20,927 shares of ModivCare stock. The stock was acquired at an average price of $16.13 per share, with a total value of $337,552.51.
• On Friday, November 1st, Q Global Capital Management, L acquired 33,495 shares of ModivCare stock. The stock was acquired at an average price of $16.15 per share, with a total value of $540,944.25.
• On Wednesday, October 30th, Q Global Capital Management, L acquired 38,292 shares of ModivCare stock. The stock was acquired at an average price of $15.89 per share, with a total value of $608,459.88.
• On Monday, October 28th, Q Global Capital Management, L acquired 25,496 shares of ModivCare stock. The stock was acquired at an average price of $15.69 per share, with a total value of $400,032.24.
• On Friday, October 25th, Q Global Capital Management, L acquired 20,556 shares of ModivCare stock. The stock was acquired at an average price of $14.65 per share, with a total value of $301,145.40.
• On Wednesday, October 23rd, Q Global Capital Management, L bought 50,748 shares of ModivCare stock. The stock was purchased at an average price of $14.16 per share, with a total value of $718,591.68.

ModivCare Stock Performance

Shares of MODV opened at $17.79 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 103.63. ModivCare Inc. has a one year low of $11.00 and a one year high of $52.33. The business has a fifty day moving average of $15.38 and a 200 day moving average of $22.24.

ModivCare (NASDAQ:MODV) last released its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.04). The company had revenue of $702.04 million for the quarter, compared to analysts’ expectations of $711.28 million. ModivCare had a negative net margin of 6.57% and a positive return on equity of 26.14%. ModivCare’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.35 earnings per share. As a group, sell-side analysts anticipate that ModivCare Inc. will post 0.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ModivCare

Several large investors have recently made changes to their positions in the business. HG Vora Capital Management LLC purchased a new stake in shares of ModivCare in the third quarter worth about $17,136,000. Millennium Management LLC increased its stake in ModivCare by 83.2% during the second quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock worth $22,076,000 after acquiring an additional 381,995 shares during the last quarter. K2 Principal Fund L.P. bought a new stake in ModivCare during the second quarter worth approximately $3,345,000. AYAL Capital Advisors Ltd increased its stake in ModivCare by 42.1% during the second quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock worth $6,899,000 after acquiring an additional 77,930 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in ModivCare by 11.7% during the second quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock worth $7,985,000 after acquiring an additional 31,800 shares during the last quarter.

Analyst Upgrades and Downgrades

MODV has been the subject of a number of research analyst reports. Lake Street Capital lowered their target price on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Barrington Research restated an “outperform” rating and issued a $25.00 target price on shares of ModivCare in a research note on Monday, November 18th. Finally, Jefferies Financial Group lowered their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research note on Friday, September 13th.

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.