On September 24, 2023, Nordea Investment Management AB announced their increased position in ModivCare Inc. (NASDAQ:MODV) during the second quarter. According to the company’s recent 13F filing with the Securities & Exchange Commission, Nordea Investment Management AB purchased an additional 6,715 shares of ModivCare stock, representing a 13.5% increase. The firm now owns a total of 56,567 shares of the company’s stock, which is valued at approximately $2,656,000.
ModivCare recently released its earnings results on August 3rd. The company reported earnings per share (EPS) of $1.41 for the quarter, surpassing analysts’ consensus estimates by $0.14. Additionally, ModivCare generated revenue of $701.74 million during the quarter compared to the estimated $650.36 million. The positive return on equity of 29.63% indicates successful performance in creating value for shareholders. However, there was a negative net margin of -8.63%.
Equities analysts predict that ModivCare Inc.’s EPS for this year will amount to approximately 4.62.
In other news concerning ModivCare’s stock activity and ownership changes within the company, Director Coliseum Capital Management L acquired a substantial number of shares on September 7th. The director purchased 110,492 shares at an average cost of $27.23 per share, totaling approximately $3,008,697 in value.
Following this acquisition, the director now holds a direct ownership stake of around 2 million shares in ModivCare worth approximately $60 million.
Another notable insider purchase occurred when CEO L Heath Sampson bought 3,500 shares on September 15th for an average price of $34.57 per share—a total transaction value reaching $120
[bs_slider_forecast ticker=”UAL”]
Prominent Investors make Significant Changes to Positions in ModivCare (MODV) Amidst Scrutiny and Fluctuations
As of the recent quarter, several prominent investors have made significant changes to their positions in ModivCare (MODV). Quadrant Capital Group LLC, for instance, has witnessed an astonishing 1,228.6% increase in its holdings of MODV shares during the fourth quarter. The firm now owns a total of 279 shares worth approximately $25,000 after acquiring an additional 258 shares in this period alone.
In a similar vein, Federated Hermes Inc. experienced a substantial growth of 54.7% in its position during the third quarter. The company’s ownership now stands at 359 shares valued at approximately $36,000 after obtaining an additional 127 shares.
Notably, Tower Research Capital LLC TRC also saw a noteworthy surge of 394.2% in its holdings during the first quarter. Currently owning around 425 shares valued at $36,000, the firm acquired an impressive additional 339 shares within this timeframe.
Furthermore, Point72 Hong Kong Ltd experienced a notable expansion of 34.5% in its position during the second quarter. The company now possesses 904 shares amounting to roughly $76,000 after acquiring an extra 232 shares.
Lastly, Captrust Financial Advisors expanded their holding by a significant margin as well – witnessing a growth rate of 48.2% during the first quarter. The firm currently maintains ownership of 1,027 shares worth an estimated $119,000 after adding an additional 334 shares to their portfolio.
On another note, MODV stock opened at $35.54 on Friday. With a market capitalization of $503.96 million and a beta value of 0.72 – indicating moderate volatility compared to the market as a whole – ModivCare Inc continues to present intriguing investment prospects.
MODV demonstrates remarkable financial ratios including: a price-to-earnings (P/E) ratio standing at -2.18 indicating that the company is currently experiencing negative earnings, a price-to-earnings-growth (PEG) ratio of 0.69 denoting potential favorable future growth prospects, and a healthy 50-day simple moving average of $37.86 alongside a 200-day simple moving average of $54.47.
However, it is crucial to note that ModivCare Inc has faced recent scrutiny in research reports. Barrington Research decreased their price objective on MODV from $92.00 to $58.00 while reiterating an “outperform” rating for the company. Similarly, Deutsche Bank Aktiengesellschaft decreased their price objective on MODV from $75.00 to $50.00 but continued to maintain a “buy” rating.
In conclusion, amidst fluctuations in investor positions as well as recent research reports, ModivCare Inc remains an attractive stock option with its intriguing financial ratios and market performance. Investors need to carefully evaluate the available information and conduct thorough analysis before making informed investment decisions regarding MODV stock.
