Barrington Research Lowers Earnings Estimates for ModivCare

ModivCare Inc. (NASDAQ:MODV - Free Report) - Equities researchers at Barrington Research decreased their FY2024 earnings estimates for ModivCare in a research report issued to clients and investors on Tuesday, January 14th. Barrington Research analyst M. Petusky now forecasts that the company will earn ($0.36) per share for the year, down from their previous forecast of $0.25. Barrington Research currently has a "Outperform" rating and a $10.00 target price on the stock. The consensus estimate for ModivCare's current full-year earnings is $0.67 per share. Barrington Research also issued estimates for ModivCare's Q4 2024 earnings at ($0.33) EPS, Q1 2025 earnings at ($0.45) EPS, Q2 2025 earnings at ($0.23) EPS, Q3 2025 earnings at $0.09 EPS, Q4 2025 earnings at $0.29 EPS, FY2025 earnings at ($0.28) EPS and FY2026 earnings at $1.14 EPS.

Other analysts also recently issued research reports about the stock. Stephens reaffirmed an "equal weight" rating and set a $17.00 price objective (down previously from $21.00) on shares of ModivCare in a research report on Friday, January 10th. Lake Street Capital cut 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $18.20.

ModivCare Trading Up 3.2 %

NASDAQ MODV traded up $0.23 during trading hours on Thursday, hitting $7.35. 793,308 shares of the company's stock were exchanged, compared to its average volume of 839,031. ModivCare has a 1-year low of $5.55 and a 1-year high of $52.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63. The stock has a 50-day simple moving average of $14.47 and a 200 day simple moving average of $18.73. The firm has a market cap of $104.96 million, a price-to-earnings ratio of -0.57, a PEG ratio of 0.31 and a beta of 0.60.

ModivCare (NASDAQ:MODV - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.04). The business had revenue of $702.04 million for the quarter, compared to analyst estimates 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 was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.35 earnings per share.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. American Century Companies Inc. raised its holdings in shares of ModivCare by 9.5% in the 2nd quarter. American Century Companies Inc. now owns 19,916 shares of the company's stock worth $523,000 after acquiring an additional 1,726 shares during the last quarter. Renaissance Technologies LLC increased its holdings in ModivCare by 11.7% during 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 in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of ModivCare in the second quarter worth approximately $60,000. Sei Investments Co. raised its stake in shares of ModivCare by 9.2% in the second quarter. Sei Investments Co. now owns 74,956 shares of the company's stock worth $1,967,000 after purchasing an additional 6,318 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of ModivCare by 0.8% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 683,665 shares of the company's stock valued at $17,939,000 after purchasing an additional 5,644 shares in the last quarter.

Insider Buying and Selling

In other ModivCare news, major shareholder Q Global Capital Management, L sold 262,532 shares of the business's stock in a transaction on Monday, January 13th. The shares were sold at an average price of $6.53, for a total transaction of $1,714,333.96. Following the completion of the sale, the insider now owns 1,221,933 shares in the company, valued at approximately $7,979,222.49. The trade was a 17.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have bought 311,079 shares of company stock valued at $4,942,602. 22.10% of the stock is owned by company insiders.

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.