ModivCare shares are trading lower after the company cut its full- year 2024 adjusted EBITDA from $185M-$195M to $170M-$180M.
Portfolio Pulse from Benzinga Newsdesk
ModivCare has revised its full-year 2024 adjusted EBITDA guidance downwards from $185M-$195M to $170M-$180M, leading to a decline in its share price.
September 16, 2024 | 6:42 pm
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NEGATIVE IMPACT
ModivCare has reduced its full-year 2024 adjusted EBITDA guidance, which has negatively impacted its stock price. The new guidance is $170M-$180M, down from the previous $185M-$195M.
The reduction in EBITDA guidance suggests potential challenges in ModivCare's financial performance, which is likely to concern investors and lead to a decrease in stock price. The immediate market reaction reflects this sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100