Shares of ModivCare Inc. (NASDAQ:MODV – Get Rating) dropped 5.3% during mid-day trading on Friday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $120.00 to $75.00. The stock traded as low as $53.85 and last traded at $54.92. Approximately 41,365 shares traded hands during trading, a decline of 62% from the average daily volume of 107,755 shares. The stock had previously closed at $58.00.
A number of other brokerages have also commented on MODV. Barrington Research cut their price objective on shares of ModivCare from $143.00 to $92.00 in a research report on Friday. Stephens cut their price target on shares of ModivCare from $145.00 to $95.00 in a research report on Friday.
Insider Transactions at ModivCare
In other news, Director Coliseum Capital Management, L bought 26,397 shares of the firm’s stock in a transaction that occurred on Friday, March 17th. The stock was acquired at an average cost of $79.89 per share, with a total value of $2,108,856.33. Following the completion of the purchase, the director now owns 1,399,195 shares of the company’s stock, valued at $111,781,688.55. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.90% of the company’s stock.
Institutional Investors Weigh In On ModivCare
Several hedge funds have recently bought and sold shares of MODV. Quadrant Capital Group LLC raised its stake in ModivCare by 1,228.6% in the fourth quarter. Quadrant Capital Group LLC now owns 279 shares of the company’s stock valued at $25,000 after buying an additional 258 shares during the period. Ronald Blue Trust Inc. raised its stake in ModivCare by 77.5% in the 4th quarter. Ronald Blue Trust Inc. now owns 316 shares of the company’s stock valued at $32,000 after acquiring an additional 138 shares during the period. Federated Hermes Inc. raised its stake in ModivCare by 54.7% in the 3rd quarter. Federated Hermes Inc. now owns 359 shares of the company’s stock valued at $36,000 after acquiring an additional 127 shares during the period. Point72 Hong Kong Ltd lifted its holdings in ModivCare by 34.5% during the 2nd quarter. Point72 Hong Kong Ltd now owns 904 shares of the company’s stock valued at $76,000 after purchasing an additional 232 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in shares of ModivCare by 48.2% in the first quarter. Captrust Financial Advisors now owns 1,027 shares of the company’s stock valued at $119,000 after purchasing an additional 334 shares during the period.
ModivCare Trading Down 8.1 %
The company has a market cap of $755.15 million, a price-to-earnings ratio of -23.74, a PEG ratio of 1.05 and a beta of 0.65. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 2.76. The business’s 50 day moving average price is $81.83 and its 200-day moving average price is $89.53.
ModivCare (NASDAQ:MODV – Get Rating) last issued its quarterly earnings data on Thursday, February 23rd. The company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.63. The company had revenue of $656.69 million during the quarter, compared to analysts’ expectations of $615.03 million. ModivCare had a positive return on equity of 27.06% and a negative net margin of 1.27%. On average, equities analysts anticipate that ModivCare Inc. will post 6.59 EPS for the current fiscal year.
ModivCare Company Profile
ModivCare, Inc engages in the provision of technology-enabled services, which offer integrated supportive care solutions for public and private payors and their patients. It operates through the following business segments: Non-Emergency Medical Transportation (NEMT), Personal Care, Remote Patient Monitoring (RPM), and Corporate and Other.