BlackRock Fund Advisors recently announced the acquisition of new stake in ModivCare Inc. (NASDAQ:MODV). The institutional investor has increased its shareholding in the Healthcare company by 1.30% to 1.89 million shares with purchase of 24312.0 shares. This fresh investment now brings its stake to 13.37% valued currently at $169.65 million. In addition, Coliseum Capital Management LLC raised its holdings by 90743.0 to 1.37 million shares. And Fuller & Thaler Asset Management, has lifted its position by 2.36% or 19778.0 shares – to 0.86 million shares.
With over 91916.0 ModivCare Inc. (MODV) shares trading Tuesday and a closing price of $109.74 on the day, the dollar volume was approximately $10.09 million. The shares have shown a positive half year performance of 11.43% and its price on 01/24/23 gained nearly 0.76%. Currently, there are 14.05M common shares owned by the public and among those 13.95M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for MODV have a consensus price objective of $147.50. The analysts have set the share’s price value over the next 12 months at a high of $200.00 and a low of $100.00. The average price target is 22.79% above its recent price level and a downside to the estimated low will see the stock lose -9.74% over that period. But an upside of 45.13% will see the stock hit the forecast high price target while median target price for the stock is $147.50.
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 122,823 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 2,002 shares.
The top 3 mutual fund holders in ModivCare Inc. are iShares Core S&P Small Cap ETF, Undiscovered Managers Behavioral, and T Rowe Price Small Cap Stock Fund. iShares Core S&P Small Cap ETF owns 0.94 million shares of the company’s stock, all valued at over $84.56 million. The company sold 2405.0 shares recently to bring their total holdings to about 6.67% of the shares outstanding. Undiscovered Managers Behavioral sold 5650.0 shares to see its total holdings shrink to 0.71 million shares valued at over $63.68 million and representing 5.02% of the shares outstanding. T Rowe Price Small Cap Stock Fund bought 0.12 million shares to bring its total holdings to over 0.51 million shares at a value of $45.89 million. T Rowe Price Small Cap Stock Fund now owns shares totaling to 3.62% of the shares outstanding.
Shares of ModivCare Inc. (NASDAQ: MODV) opened at $108.36, down -$0.55 from a prior closing price of $108.91. However, the script later moved the day high at 113.53, up 0.76%. The company’s stock has a 5-day price change of 6.66% and 23.41% over the past three months. MODV shares are trading 22.30% year to date (YTD), with the 12-month market performance down to -4.67% lower. It has a 12-month low price of $73.06 and touched a high of $123.38 over the same period. MODV has an average intraday trading volume of 87.94K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.69%, 21.76%, and 12.28% respectively.
Institutional ownership of ModivCare Inc. (NASDAQ: MODV) 14.05M shares outstanding. Mutual fund holders own 46.78%, while other institutional holders and individual stakeholders account for 56.74% and 11.30% respectively.
It has a market capitalization of $1.56B and a beta (3y monthly) value of 0.62. The earnings-per-share (ttm) stands at -$4.03. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.74% over the week and 4.68% over the month.
Analysts forecast that ModivCare Inc. (MODV) will achieve an EPS of $1.62 for the current quarter, $1.71 for the next quarter and $8.31 for 2023. The lowest estimate earnings-per-share for the quarter is $1.28 while analysts give the company a high EPS estimate of $2.01. Comparatively, EPS for the current quarter was $1.63 a year ago. Earnings per share for the fiscal year are expected to decrease by -118.40%, and 12.18% over the next financial year. EPS should grow at an annualized rate of 10.00% over the next five years, compared to -19.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate ModivCare Inc. (MODV) as a “Strong Buy” at a consensus score of 1.50. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 0 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MODV, a number of firms have released research notes about the stock. Stephens stated their Overweight rating for the stock in a research note on August 03, 2022, with the firm’s price target at $145. Barrington Research coverage for the ModivCare Inc. (MODV) stock in a research note released on February 28, 2022 offered a Outperform rating with a price target of $155.
