ModivCare Inc. (NASDAQ:MODV) Sees Significant Growth in Short Interest

ModivCare Inc. (NASDAQ:MODV) was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 644,300 shares, an increase of 18.3% from the November 30th total of 544,500 shares. Based on an average daily volume of 281,200 shares, the short-interest ratio is presently 2.3 days. Currently, 4.6% of the shares of the company are short sold.

ModivCare Price Performance

Shares of MODV stock traded up $1.40 during trading hours on Tuesday, reaching $11.84. The company’s stock had a trading volume of 274,059 shares, compared to its average volume of 251,622. ModivCare has a fifty-two week low of $10.19 and a fifty-two week high of $52.33. The firm’s 50 day simple moving average is $15.73 and its 200-day simple moving average is $20.02. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 103.63. The company has a market capitalization of $169.12 million, a price-to-earnings ratio of -0.92, a PEG ratio of 2.77 and a beta of 0.52.

ModivCare (NASDAQ:MODV) last released its quarterly earnings data 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). ModivCare had a negative net margin of 6.57% and a positive return on equity of 26.14%. The business had revenue of $702.04 million during the quarter, compared to analyst estimates of $711.28 million. During the same period last year, the business earned $1.35 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that ModivCare will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Q Global Capital Management, L purchased 50,748 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was acquired at an average cost of $14.16 per share, for a total transaction of $718,591.68. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 307,242 shares of company stock worth $4,894,217 in the last quarter. Corporate insiders own 22.10% of the company’s stock.

Institutional Investors Weigh In On ModivCare

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB bought a new position in ModivCare in the 3rd quarter valued at approximately $43,000. FMR LLC lifted its stake in shares of ModivCare by 227.5% in the 3rd 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 acquired a new stake in shares of ModivCare during the 2nd quarter valued at $60,000. SG Americas Securities LLC bought a new stake in ModivCare during the 3rd quarter worth $102,000. Finally, 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 worth $105,000 after purchasing an additional 1,332 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Lake Street Capital cut their target price on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price target on shares of ModivCare in a research note on Monday, November 18th. Finally, Jefferies Financial Group reduced their price objective on shares of ModivCare from $25.00 to $14.00 and set a “hold” rating on the stock in a research note on Friday, September 13th.

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.