ModivCare Inc. (NASDAQ:MODV – Get Free Report) gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $36.30, but opened at $38.18. ModivCare shares last traded at $42.46, with a volume of 55,867 shares trading hands.
Specifically, Director Coliseum Capital Management, L bought 205,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was bought at an average price of $36.04 per share, with a total value of $7,388,200.00. Following the transaction, the director now owns 2,103,795 shares of the company’s stock, valued at $75,820,771.80. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 10.90% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages recently weighed in on MODV. TheStreet downgraded shares of ModivCare from a “c-” rating to a “d+” rating in a research report on Wednesday, May 17th. Stephens lowered their price objective on shares of ModivCare from $145.00 to $95.00 in a research report on Friday, May 5th. Barrington Research lowered their price objective on shares of ModivCare from $92.00 to $58.00 and set an “outperform” rating for the company in a research report on Monday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of ModivCare from $75.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, August 7th.
ModivCare Price Performance
The company has a debt-to-equity ratio of 6.08, a quick ratio of 0.70 and a current ratio of 0.74. The business’s 50 day simple moving average is $46.26 and its 200-day simple moving average is $68.77. The stock has a market capitalization of $568.05 million, a price-to-earnings ratio of -2.46, a price-to-earnings-growth ratio of 0.55 and a beta of 0.67.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC boosted its stake in ModivCare by 1,228.6% during the 4th quarter. Quadrant Capital Group LLC now owns 279 shares of the company’s stock valued at $25,000 after purchasing an additional 258 shares during the period. Federated Hermes Inc. boosted its stake in ModivCare by 54.7% during the 3rd quarter. Federated Hermes Inc. now owns 359 shares of the company’s stock valued at $36,000 after purchasing an additional 127 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of ModivCare by 394.2% in the 1st quarter. Tower Research Capital LLC TRC now owns 425 shares of the company’s stock worth $36,000 after acquiring an additional 339 shares during the period. Point72 Hong Kong Ltd lifted its stake in shares of ModivCare by 34.5% in the 2nd quarter. Point72 Hong Kong Ltd now owns 904 shares of the company’s stock worth $76,000 after acquiring an additional 232 shares during the period. Finally, Captrust Financial Advisors lifted its stake in shares of ModivCare by 48.2% in the 1st quarter. Captrust Financial Advisors now owns 1,027 shares of the company’s stock worth $119,000 after acquiring an additional 334 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.
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