Insider Buying: ModivCare Inc. (NASDAQ:MODV) Major Shareholder Purchases 58,191 Shares of Stock

ModivCare Inc. (NASDAQ:MODV) major shareholder Q Global Capital Management, L acquired 58,191 shares of the stock in a transaction dated Thursday, November 7th. The shares were bought at an average cost of $17.13 per share, for a total transaction of $996,811.83. Following the acquisition, the insider now owns 1,812,725 shares in the company, valued at $31,051,979.25. The trade was a 3.32 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, November 4th, Q Global Capital Management, L bought 20,927 shares of ModivCare stock. The stock was bought 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 purchased 33,495 shares of ModivCare stock. The shares were bought at an average price of $16.15 per share, for a total transaction of $540,944.25.
• On Wednesday, October 30th, Q Global Capital Management, L acquired 38,292 shares of ModivCare stock. The stock was purchased 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 bought 25,496 shares of ModivCare stock. The stock was purchased at an average price of $15.69 per share, for a total transaction of $400,032.24.
• On Friday, October 25th, Q Global Capital Management, L bought 20,556 shares of ModivCare stock. The shares were purchased at an average cost of $14.65 per share, with a total value of $301,145.40.
• On Wednesday, October 23rd, Q Global Capital Management, L purchased 50,748 shares of ModivCare stock. The stock was acquired at an average cost of $14.16 per share, for a total transaction of $718,591.68.

ModivCare Price Performance

Shares of MODV stock opened at $16.06 on Friday. ModivCare Inc. has a 12 month low of $11.00 and a 12 month high of $52.33. The company has a market capitalization of $229.34 million, a P/E ratio of -1.25, a P/E/G ratio of 1.61 and a beta of 0.47. The stock has a 50 day moving average of $16.44 and a two-hundred day moving average of $22.56. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63.

ModivCare (NASDAQ:MODV) last issued its earnings results on Wednesday, November 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.04). The firm had revenue of $702.04 million during the quarter, compared to the consensus estimate of $711.28 million. ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $1.35 earnings per share. As a group, equities analysts expect that ModivCare Inc. will post 1.06 EPS for the current year.

Institutional Trading of ModivCare

Several institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its position in 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 purchasing an additional 381,995 shares in the last quarter. K2 Principal Fund L.P. bought a new position in shares of ModivCare during the second quarter valued at $3,345,000. AYAL Capital Advisors Ltd boosted its stake in shares of 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 purchasing an additional 77,930 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of ModivCare by 11.7% in the 2nd quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock worth $7,985,000 after purchasing an additional 31,800 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of ModivCare during the 3rd quarter worth about $369,000.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MODV shares. Jefferies Financial Group decreased 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. Barrington Research increased their price objective on ModivCare from $22.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Lake Street Capital dropped their target price on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th.

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.