ModivCare Inc. is experiencing a notable surge in its stock price today, despite a recent downgrade from Stephens, which reduced its price target from $17 to $7. This downgrade, reported on January 15th, might have been expected to exert downward pressure on the stock. However, the market appears to be reacting positively, possibly due to the stock's significant decline of 52.82% over the past week, as highlighted in a recent analysis of top stock losers. This previous sharp decline may have set the stage for a rebound as investors look for potential value in the beaten-down stock.
The current price of ModivCare Inc. is $6.99, marking a 17.88% increase from the previous close of $5.93. The stock opened at $6.23 and has traded between a low of $6.21 and a high of $7.07 so far today. Despite being just over half an hour into the trading day, the stock has already seen a volume of 197,881 shares, which is 64.48% of its average daily volume of 306,893 shares, indicating heightened trading activity this morning.