Lake Street Capital Issues Pessimistic Forecast for ModivCare (NASDAQ:MODV) Stock Price

ModivCare (NASDAQ:MODV) had its target price lowered by analysts at Lake Street Capital from $30.00 to $10.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price objective would suggest a potential upside of 68.63% from the company’s previous close.

MODV has been the topic of a number of other reports. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of ModivCare in a report on Monday, November 18th. Stephens reissued an “equal weight” rating and issued a $17.00 target price (down previously from $21.00) on shares of ModivCare in a report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, ModivCare currently has a consensus rating of “Hold” and a consensus price target of $18.20.

ModivCare Stock Performance

MODV opened at $5.93 on Monday. The firm has a market cap of $84.70 million, a P/E ratio of -0.46, a PEG ratio of 2.77 and a beta of 0.60. ModivCare has a 1-year low of $5.55 and a 1-year high of $52.33. The company has a 50 day simple moving average of $14.67 and a two-hundred day simple moving average of $18.81. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80.

ModivCare (NASDAQ:MODV) last issued its earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.04). The firm had revenue of $702.04 million during the quarter, compared to the consensus estimate of $711.28 million. ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.35 EPS. Equities analysts forecast that ModivCare will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at ModivCare

In other ModivCare news, major shareholder Q Global Capital Management, L sold 262,532 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 1,221,933 shares of the company’s stock, valued at $7,979,222.49. The trade was a 17.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders bought 311,079 shares of company stock worth $4,942,602 in the last quarter. 22.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ModivCare

Several institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB bought a new position in shares of ModivCare during the 3rd quarter valued at approximately $43,000. FMR LLC increased its position in ModivCare by 227.5% during 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 during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of ModivCare in the second quarter valued at $60,000. SG Americas Securities LLC bought a new stake in shares of ModivCare in the 3rd quarter worth about $102,000. Finally, Quest Partners LLC boosted its stake in shares of ModivCare by 49.9% during the 2nd quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock worth $105,000 after purchasing an additional 1,332 shares during the period.

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.