ModivCare Inc. (NASDAQ:MODV) Short Interest Up 21.5% in March

ModivCare Inc. (NASDAQ:MODV) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,260,000 shares, an increase of 21.5% from the February 28th total of 1,860,000 shares. Based on an average trading volume of 599,800 shares, the short-interest ratio is currently 3.8 days. Approximately 18.9% of the company’s stock are sold short.

ModivCare Price Performance

Shares of MODV stock traded down $0.12 during trading hours on Thursday, hitting $1.31. The stock had a trading volume of 54,264 shares, compared to its average volume of 340,697. 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 $1.24 and a one year high of $32.82. The stock’s 50-day moving average price is $3.73 and its two-hundred day moving average price is $10.58. The stock has a market capitalization of $18.85 million, a price-to-earnings ratio of -0.10, a PEG ratio of 3.46 and a beta of 0.59.

Insider Activity at ModivCare

In related news, major shareholder Q Global Capital Management, L bought 3,837 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were purchased at an average cost of $12.61 per share, with a total value of $48,384.57. Following the completion of the purchase, the insider now owns 1,970,935 shares in the company, valued at approximately $24,853,490.35. The trade was a 0.20 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Catalyst Fund Lp Ai acquired 187,500 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were purchased at an average cost of $3.87 per share, for a total transaction of $725,625.00. Following the completion of the transaction, the insider now directly owns 2,130,000 shares in the company, valued at $8,243,100. The trade was a 9.65 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 378,837 shares of company stock valued at $1,529,635 in the last three months. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On ModivCare

Hedge funds have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new stake in ModivCare in the 3rd quarter worth about $43,000. FMR LLC increased its position in shares of ModivCare by 227.5% during the third quarter. FMR LLC now owns 3,825 shares of the company’s stock worth $55,000 after acquiring an additional 2,657 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of ModivCare by 82.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 5,100 shares of the company’s stock valued at $60,000 after purchasing an additional 2,300 shares during the period. Quantbot Technologies LP bought a new position in shares of ModivCare during the 4th quarter worth $77,000. Finally, Mariner LLC purchased a new stake in ModivCare during the fourth quarter worth $120,000.

Analyst Ratings Changes

A number of analysts have commented on the company. Stephens reduced their target price on ModivCare from $7.00 to $3.50 and set an “equal weight” rating for the company in a report on Monday, March 10th. Barrington Research reduced their price objective on ModivCare from $10.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Finally, Lake Street Capital lowered their target price on shares of ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 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.