Short Interest in ModivCare Inc. (NASDAQ:MODV) Grows By 21.5%

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MODV shares. Stephens lowered their target price on shares of ModivCare from $7.00 to $3.50 and set an “equal weight” rating on the stock in a research note on Monday, March 10th. Barrington Research cut their target price on ModivCare from $10.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Finally, Lake Street Capital decreased their price target 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.

Insider Transactions at ModivCare

In other news, major shareholder Catalyst Fund Lp Ai purchased 187,500 shares of the stock in a transaction dated 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 completion of the acquisition, the insider now owns 2,130,000 shares in the company, valued at $8,243,100. This represents a 9.65 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Q Global Capital Management, L sold 262,532 shares of the firm’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 transaction, the insider now directly owns 1,221,933 shares of the company’s stock, valued at approximately $7,979,222.49. The trade was a 17.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired 378,837 shares of company stock worth $1,529,635 in the last ninety days. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On ModivCare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Neuberger Berman Group LLC increased its position in shares of ModivCare by 5.4% in the fourth quarter. Neuberger Berman Group LLC now owns 2,069,161 shares of the company’s stock valued at $24,499,000 after acquiring an additional 106,485 shares during the period. Q Global Advisors LLC lifted its holdings in ModivCare by 96.3% in the 4th quarter. Q Global Advisors LLC now owns 1,967,098 shares of the company’s stock worth $23,290,000 after buying an additional 964,998 shares during the period. HG Vora Capital Management LLC bought a new stake in shares of ModivCare in the 3rd quarter worth approximately $17,136,000. State Street Corp increased its stake in shares of ModivCare by 1.5% during the third quarter. State Street Corp now owns 349,750 shares of the company’s stock valued at $4,994,000 after buying an additional 5,115 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of ModivCare by 9.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 290,629 shares of the company’s stock valued at $3,441,000 after acquiring an additional 25,680 shares in the last quarter.

ModivCare Trading Down 8.1 %

MODV stock traded down $0.12 during trading on Thursday, hitting $1.31. 54,264 shares of the company traded hands, compared to its average volume of 340,697. The company has a debt-to-equity ratio of 103.63, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50-day moving average of $3.73 and a 200-day moving average of $10.58. The firm has a market capitalization of $18.85 million, a PE ratio of -0.10, a P/E/G ratio of 3.46 and a beta of 0.59. ModivCare has a 1 year low of $1.24 and a 1 year high of $32.82.

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.