Barrington Research Lowers ModivCare (NASDAQ:MODV) Price Target to $6.00

ModivCare (NASDAQ:MODV) had its target price decreased by Barrington Research from $10.00 to $6.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Barrington Research’s target price would suggest a potential upside of 99.67% from the company’s previous close.

Several other brokerages also recently commented on MODV. Lake Street Capital lowered their price objective on ModivCare from $30.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Stephens restated an “equal weight” rating and set a $17.00 price target (down from $21.00) on shares of ModivCare in a report on Friday, January 10th.

ModivCare Stock Down 15.4 %

Shares of NASDAQ MODV traded down $0.55 during midday trading on Friday, hitting $3.01. 739,572 shares of the stock traded hands, compared to its average volume of 328,756. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80. ModivCare has a one year low of $2.92 and a one year high of $33.64. The business has a 50 day moving average price of $6.49 and a two-hundred day moving average price of $14.00. The company has a market cap of $42.95 million, a PE ratio of -0.23, a P/E/G ratio of 3.46 and a beta of 0.59.

Insider Transactions at ModivCare

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

Institutional Trading of ModivCare

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

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.