Short Interest in ModivCare Inc. (NASDAQ:MODV) Expands By 21.5%

ModivCare Inc. (NASDAQ:MODV) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,260,000 shares, a growth of 21.5% from the February 28th total of 1,860,000 shares. Currently, 18.9% of the shares of the company are sold short. Based on an average daily volume of 599,800 shares, the short-interest ratio is presently 3.8 days.

ModivCare Stock Performance

Shares of NASDAQ:MODV traded up $0.08 on Wednesday, reaching $1.46. 217,551 shares of the company’s stock were exchanged, compared to its average volume of 351,377. ModivCare has a twelve month low of $1.24 and a twelve month high of $32.82. The company has a fifty day moving average of $3.81 and a 200-day moving average of $10.64. The company has a market capitalization of $20.86 million, a price-to-earnings ratio of -0.11, a PEG ratio of 3.46 and a beta of 0.59. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63.

Analyst Ratings Changes

A number of research analysts recently commented on MODV shares. Stephens decreased their price target on shares of ModivCare from $7.00 to $3.50 and set an “equal weight” rating on the stock in a research note on Monday, March 10th. Lake Street Capital lowered their target price on ModivCare from $30.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Barrington Research reduced their price target on ModivCare from $10.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, March 7th.

Insider Transactions at ModivCare

In related news, major shareholder Catalyst Fund Lp Ai acquired 187,500 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were purchased at an average cost of $3.87 per share, for a total transaction of $725,625.00. Following the completion of the acquisition, the insider now directly owns 2,130,000 shares in the company, valued at approximately $8,243,100. This trade represents a 9.65 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Q Global Capital Management, L sold 262,532 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $6.53, for a total transaction of $1,714,333.96. Following the completion of the transaction, the insider now directly owns 1,221,933 shares in the company, valued at $7,979,222.49. The trade was a 17.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought 378,837 shares of company stock worth $1,529,635 in the last ninety days. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On ModivCare

A number of large investors have recently added to or reduced their stakes in MODV. K2 Principal Fund L.P. raised its stake in ModivCare by 24.6% in the third quarter. K2 Principal Fund L.P. now owns 158,820 shares of the company’s stock valued at $2,268,000 after purchasing an additional 31,334 shares in the last quarter. FMR LLC raised its position 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 buying an additional 2,657 shares in the last quarter. Barclays PLC increased its stake in ModivCare by 249.4% in the third quarter. Barclays PLC now owns 15,235 shares of the company’s stock valued at $218,000 after acquiring an additional 10,875 shares during the last quarter. Wolverine Asset Management LLC raised its position in ModivCare by 14.8% during the fourth quarter. Wolverine Asset Management LLC now owns 110,172 shares of the company’s stock valued at $1,304,000 after purchasing an additional 14,209 shares in the last quarter. Finally, HG Vora Capital Management LLC bought a new stake in ModivCare during the third quarter worth $17,136,000.

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.