Lake Street Capital Has Lowered Expectations for ModivCare (NASDAQ:MODV) Stock Price

ModivCare (NASDAQ:MODV) had its price target dropped by Lake Street Capital from $30.00 to $10.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price target suggests a potential upside of 68.63% from the stock’s current price.

Several other brokerages also recently commented on MODV. Stephens reiterated an “equal weight” rating and set a $17.00 target price (down from $21.00) on shares of ModivCare in a research note on Friday, January 10th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price objective on shares of ModivCare in a research report on Monday, November 18th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, ModivCare currently has an average rating of “Hold” and a consensus price target of $18.20.

ModivCare Price Performance

MODV opened at $5.93 on Monday. ModivCare has a 1 year low of $5.55 and a 1 year high of $52.33. The stock has a 50-day moving average price of $14.67 and a 200-day moving average price of $18.81. The firm has a market cap of $84.70 million, a PE ratio of -0.46, a P/E/G ratio of 2.77 and a beta of 0.60. 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 (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.04). ModivCare had a positive return on equity of 26.14% and a negative net margin of 6.57%. The firm had revenue of $702.04 million during the quarter, compared to the consensus estimate of $711.28 million. During the same quarter in the prior year, the company posted $1.35 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. Sell-side analysts predict that ModivCare will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ModivCare news, major shareholder Q Global Capital Management, L sold 262,532 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $6.53, for a total value of $1,714,333.96. Following the transaction, the insider now directly owns 1,221,933 shares of the company’s stock, valued at approximately $7,979,222.49. This trade represents a 17.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders purchased 311,079 shares of company stock valued at $4,942,602. Company insiders own 22.10% of the company’s stock.

Institutional Investors Weigh In On ModivCare

Hedge funds and other institutional investors have recently made changes to their positions in the business. HG Vora Capital Management LLC bought a new stake in ModivCare during the third quarter valued at approximately $17,136,000. Millennium Management LLC boosted its stake in shares of ModivCare by 83.2% during the 2nd quarter. Millennium Management LLC now owns 841,295 shares of the company’s stock worth $22,076,000 after acquiring an additional 381,995 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of ModivCare by 0.8% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 683,665 shares of the company’s stock worth $17,939,000 after acquiring an additional 5,644 shares during the last quarter. State Street Corp grew its position in shares of ModivCare by 1.5% during the 3rd quarter. State Street Corp now owns 349,750 shares of the company’s stock valued at $4,994,000 after acquiring an additional 5,115 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of ModivCare by 11.7% in the 2nd quarter. Renaissance Technologies LLC now owns 304,299 shares of the company’s stock worth $7,985,000 after purchasing an additional 31,800 shares in the last quarter.

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.