Renaissance Technologies LLC Increases Position in ModivCare Inc. (NASDAQ:MODV)

Renaissance Technologies LLC lifted its holdings in ModivCare Inc. (NASDAQ:MODV) by 11.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 304,299 shares of the company’s stock after purchasing an additional 31,800 shares during the quarter. Renaissance Technologies LLC’s holdings in ModivCare were worth $7,985,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. SummerHaven Investment Management LLC increased its stake in shares of ModivCare by 3.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 14,511 shares of the company’s stock valued at $381,000 after purchasing an additional 530 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ModivCare by 3.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,483 shares of the company’s stock valued at $481,000 after purchasing an additional 608 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in ModivCare by 5,522.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,237 shares of the company’s stock worth $32,000 after buying an additional 1,215 shares in the last quarter. Quest Partners LLC increased its stake in 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 buying an additional 1,332 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in ModivCare by 9.5% during the 2nd quarter. American Century Companies Inc. now owns 19,916 shares of the company’s stock worth $523,000 after buying an additional 1,726 shares in the last quarter.

ModivCare Price Performance

MODV stock opened at $11.96 on Wednesday. The company has a debt-to-equity ratio of 103.63, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day simple moving average of $23.28 and a 200-day simple moving average of $24.85. The firm has a market capitalization of $169.96 million, a PE ratio of -0.76, a price-to-earnings-growth ratio of 1.42 and a beta of 0.52. ModivCare Inc. has a 1 year low of $11.00 and a 1 year high of $52.33.

ModivCare (NASDAQ:MODV) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.80). The company had revenue of $698.30 million during the quarter, compared to analysts’ expectations of $701.00 million. ModivCare had a negative net margin of 5.80% and a positive return on equity of 27.52%. ModivCare’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter last year, the company earned $1.41 earnings per share. Equities research analysts anticipate that ModivCare Inc. will post 1.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on MODV shares. Jefferies Financial Group cut their price objective on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research note on Friday, September 13th. Lake Street Capital cut their price objective on ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Finally, Barrington Research cut their price objective on ModivCare from $35.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, September 17th.

ModivCare 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.