HG Vora Capital Management LLC Makes New $17.14 Million Investment in ModivCare Inc. (NASDAQ:MODV)

HG Vora Capital Management LLC bought a new stake in shares of ModivCare Inc. (NASDAQ:MODV) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,200,000 shares of the company’s stock, valued at approximately $17,136,000. ModivCare makes up approximately 1.3% of HG Vora Capital Management LLC’s portfolio, making the stock its 10th biggest position. HG Vora Capital Management LLC owned approximately 0.08% of ModivCare as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MODV. Millennium Management LLC boosted its holdings in shares of ModivCare by 83.2% in the second quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock worth $22,076,000 after buying an additional 381,995 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in ModivCare by 0.8% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 683,665 shares of the company’s stock worth $17,939,000 after buying an additional 5,644 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in ModivCare by 11.7% during the second quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock valued at $7,985,000 after purchasing an additional 31,800 shares in the last quarter. AYAL Capital Advisors Ltd grew its stake in ModivCare by 42.1% in the 2nd quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock valued at $6,899,000 after acquiring an additional 77,930 shares during the period. Finally, K2 Principal Fund L.P. acquired a new position in ModivCare during the second quarter worth $3,345,000.

ModivCare Stock Performance

NASDAQ MODV opened at $18.51 on Tuesday. The stock has a 50-day moving average of $15.89 and a two-hundred day moving average of $21.88. The company has a market cap of $264.32 million, a P/E ratio of -1.44, a P/E/G ratio of 2.92 and a beta of 0.52. ModivCare Inc. has a 1-year low of $11.00 and a 1-year high of $52.33. 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 (NASDAQ:MODV) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The firm had revenue of $702.04 million during the quarter, compared to analysts’ expectations of $711.28 million. ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.35 earnings per share. As a group, analysts anticipate that ModivCare Inc. will post 0.64 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of ModivCare in a report on Monday, November 18th. Lake Street Capital dropped their price objective on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. 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.

Insider Activity at ModivCare

In other news, major shareholder Q Global Capital Management, L acquired 50,748 shares of the stock in a transaction dated 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 purchase, the insider now owns 1,475,038 shares in the company, valued at approximately $20,886,538.08. The trade was a 3.56 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have acquired 294,680 shares of company stock valued at $4,671,460. 22.10% of the stock is owned by corporate insiders.

ModivCare 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.