ModivCare (NASDAQ:MODV) Given New $3.50 Price Target at Stephens

ModivCare (NASDAQ:MODV) had its price objective reduced by equities researchers at Stephens from $7.00 to $3.50 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Stephens’ target price would suggest a potential upside of 36.99% from the company’s previous close.

MODV has been the subject of a number of other research reports. Lake Street Capital reduced their target price on ModivCare from $30.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 13th. Barrington Research decreased their target price on ModivCare from $10.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday.

ModivCare Stock Down 7.1 %

Shares of NASDAQ:MODV traded down $0.20 during trading on Monday, reaching $2.56. 361,687 shares of the stock traded hands, compared to its average volume of 332,921. The stock has a market cap of $36.52 million, a P/E ratio of -0.20, a price-to-earnings-growth ratio of 3.46 and a beta of 0.59. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50-day moving average of $6.32 and a two-hundred day moving average of $13.66. ModivCare has a 52-week low of $2.33 and a 52-week high of $33.64.

Insider Buying and Selling

In other ModivCare news, major shareholder Q Global Capital Management, L sold 262,532 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $6.53, for a total value of $1,714,333.96. Following the completion of the sale, the insider now owns 1,221,933 shares in the company, valued at $7,979,222.49. This represents a 17.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Catalyst Fund Lp Ai acquired 187,500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was bought at an average cost of $3.87 per share, for a total transaction of $725,625.00. Following the purchase, the insider now directly owns 2,130,000 shares of the company’s stock, valued at approximately $8,243,100. This trade represents a 9.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 378,837 shares of company stock valued at $1,529,635. 1.20% of the stock is owned by insiders.

Institutional Trading of ModivCare

Hedge funds and other institutional investors have recently modified their holdings of the company. HG Vora Capital Management LLC bought a new position in ModivCare in the 3rd quarter worth $17,136,000. Q Global Advisors LLC raised its stake in ModivCare by 96.3% during the 4th quarter. Q Global Advisors LLC now owns 1,967,098 shares of the company’s stock valued at $23,290,000 after purchasing an additional 964,998 shares during the period. Neuberger Berman Group LLC raised its stake in ModivCare by 5.4% during the 4th quarter. Neuberger Berman Group LLC now owns 2,069,161 shares of the company’s stock valued at $24,499,000 after purchasing an additional 106,485 shares during the period. Bank of America Corp DE lifted its holdings in ModivCare by 176.2% in the 4th quarter. Bank of America Corp DE now owns 147,961 shares of the company’s stock worth $1,752,000 after purchasing an additional 94,382 shares in the last quarter. Finally, Sona Asset Management US LLC bought a new position in ModivCare in the 4th quarter worth approximately $770,000.

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.