ModivCare (NASDAQ:MODV) Price Target Lowered to $10.00 at Lake Street Capital

ModivCare (NASDAQ:MODV - Get Free Report) had its target price cut by stock analysts at Lake Street Capital from $30.00 to $10.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Lake Street Capital's price objective points to a potential upside of 50.38% from the stock's previous close.

A number of other brokerages have also commented on MODV. Stephens reiterated an "equal weight" rating and issued a $17.00 target price (down previously from $21.00) on shares of ModivCare in a research report on Friday. Barrington Research restated an "outperform" rating and issued a $25.00 target price on shares of ModivCare in a research note on Monday, November 18th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $21.20.

ModivCare Stock Up 1.4 %

Shares of NASDAQ:MODV traded up $0.09 on Monday, reaching $6.65. The company had a trading volume of 1,553,357 shares, compared to its average volume of 748,006. The firm has a market capitalization of $94.99 million, a PE ratio of -0.52, a PEG ratio of 2.77 and a beta of 0.60. 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 has a 52-week low of $6.32 and a 52-week high of $52.33. The firm's 50 day simple moving average is $14.88 and its 200-day simple moving average is $18.95.

ModivCare (NASDAQ:MODV - Get Free Report) last posted its quarterly earnings data 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). ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The business had revenue of $702.04 million during the quarter, compared to analyst estimates of $711.28 million. During the same period in the previous year, the business earned $1.35 EPS. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, analysts expect that ModivCare will post 0.64 earnings per share for the current fiscal year.

Insider Activity at ModivCare

In other news, major shareholder Q Global Capital Management, L acquired 50,748 shares of the business's stock in a transaction on Wednesday, October 23rd. The stock was bought at an average cost of $14.16 per share, for a total transaction of $718,591.68. Following the purchase, the insider now owns 1,475,038 shares in the company, valued at approximately $20,886,538.08. This represents a 3.56 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders acquired a total of 311,079 shares of company stock worth $4,942,602 in the last 90 days. Corporate insiders own 22.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MODV. Quest Partners LLC increased its holdings in ModivCare by 49.9% in the 2nd quarter. Quest Partners LLC now owns 4,003 shares of the company's stock valued at $105,000 after purchasing an additional 1,332 shares during the last quarter. American Century Companies Inc. boosted its position in shares of ModivCare by 9.5% during the second quarter. American Century Companies Inc. now owns 19,916 shares of the company's stock worth $523,000 after buying an additional 1,726 shares during the period. Renaissance Technologies LLC boosted its position in shares of ModivCare by 11.7% during the second quarter. Renaissance Technologies LLC now owns 304,299 shares of the company's stock worth $7,985,000 after buying an additional 31,800 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of ModivCare in the second quarter valued at $60,000. Finally, Sei Investments Co. raised its holdings in shares of ModivCare by 9.2% in the 2nd quarter. Sei Investments Co. now owns 74,956 shares of the company's stock valued at $1,967,000 after buying an additional 6,318 shares during the period.

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.