ModivCare Inc. is experiencing a decline in its stock price today, following the news that Charles Schwab Investment Management Inc. has reduced its stake in the company by 16.7% during the third quarter. This reduction involved selling 29,579 shares, leaving Charles Schwab with 147,434 shares valued at approximately $2.11 million. The move by such a significant institutional investor may have raised concerns among other investors, contributing to the downward pressure on the stock.
Additionally, the stock has been subject to various analyst ratings and price target adjustments in recent months. Notably, Jefferies Financial Group recently lowered its price target for ModivCare from $25.00 to $14.00, maintaining a "hold" rating. This adjustment, along with other analyst reports, may be influencing investor sentiment and contributing to the stock's current performance.
The current price of ModivCare Inc. is $16.50, down 7.41% from the previous close of $17.82. The stock opened at $17.59 and has reached a low of $16.50 so far today. Despite being just over two hours into the trading day, the volume is relatively low at 40,503 shares, representing only 13.52% of the average daily volume of 299,546 shares.