Investors are closely monitoring MODV as it navigates through the current economic headwinds, with the stock's performance being a clear indicator of the challenges faced by the healthcare services sector. While analyst price targets range from $18 to $42, suggesting potential upside, the 52-week low serves as a critical juncture for ModivCare. InvestingPro subscribers can access 14 additional key insights and a comprehensive Pro Research Report, helping investors make informed decisions during this critical period. Investors are closely monitoring MODV as it navigates through the current economic headwinds, with the stock's performance being a clear indicator of the challenges faced by the healthcare services sector. While analyst price targets range from $18 to $42, suggesting potential upside, the 52-week low serves as a critical juncture for ModivCare. InvestingPro subscribers can access 14 additional key insights and a comprehensive Pro Research Report, helping investors make informed decisions during this critical period.
In other recent news, ModivCare Inc. has announced significant changes to its board, with the appointment of Leslie V. Norwalk as the Interim Chair following the resignations of board members Christopher S. Shackelton and Rahul Samant. This transition comes amidst recent financial developments for the company. ModivCare reported third-quarter revenue of $702 million and an adjusted EBITDA of $43 million, aligning with market expectations. The company's Personal Care Services (PCS) segment saw a growth of 5%. However, the company also reported a net loss of $27 million and revised its adjusted EBITDA guidance for 2024 to between $170 million and $180 million. Looking ahead, ModivCare projects a 10% increase in adjusted EBITDA for 2025, driven by membership growth and new contracts. The company is also amending its credit agreement and managing a contract receivable balance of $110 million. These are the recent developments for ModivCare.
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