The Providence Service Co. (NASDAQ:PRSC) Sees Significant Decline in Short Interest

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The Providence Service Co. (NASDAQ:PRSC) was the recipient of a significant drop in short interest in the month of August. As of August 15th, there was short interest totalling 202,400 shares, a drop of 21.2% from the July 15th total of 257,000 shares. Approximately 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 60,900 shares, the short-interest ratio is presently 3.3 days.

PRSC has been the topic of several research reports. TheStreet lowered shares of The Providence Service from a “b-” rating to a “c+” rating in a report on Friday, June 28th. BidaskClub upgraded shares of The Providence Service from a “sell” rating to a “hold” rating in a report on Wednesday, August 7th.

In other The Providence Service news, CFO Kevin M. Dotts purchased 864 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were purchased at an average price of $57.80 per share, for a total transaction of $49,939.20. Following the completion of the acquisition, the chief financial officer now owns 864 shares of the company’s stock, valued at approximately $49,939.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO R Carter Pate purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average price of $57.97 per share, for a total transaction of $57,970.00. Following the acquisition, the chief executive officer now directly owns 24,317 shares of the company’s stock, valued at approximately $1,409,656.49. The disclosure for this purchase can be found here. Company insiders own 11.62% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC acquired a new position in The Providence Service in the first quarter worth $27,000. Quantamental Technologies LLC acquired a new position in shares of The Providence Service during the second quarter valued at $36,000. Bank of Montreal Can boosted its holdings in shares of The Providence Service by 83.4% during the second quarter. Bank of Montreal Can now owns 2,153 shares of the company’s stock valued at $123,000 after acquiring an additional 979 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of The Providence Service by 717.6% during the first quarter. BNP Paribas Arbitrage SA now owns 2,322 shares of the company’s stock valued at $155,000 after acquiring an additional 2,038 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of The Providence Service during the second quarter valued at $257,000. 96.79% of the stock is owned by hedge funds and other institutional investors.

Shares of PRSC traded down $1.02 during mid-day trading on Tuesday, reaching $55.88. 66,446 shares of the stock traded hands, compared to its average volume of 63,005. The firm has a market cap of $720.57 million, a price-to-earnings ratio of 26.47 and a beta of 0.78. The stock has a fifty day simple moving average of $55.98 and a 200 day simple moving average of $63.00. The Providence Service has a 12-month low of $46.53 and a 12-month high of $75.61. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.04.

The Providence Service (NASDAQ:PRSC) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.13). The company had revenue of $363.91 million for the quarter, compared to analyst estimates of $364.40 million. The Providence Service had a positive return on equity of 9.33% and a negative net margin of 1.14%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS.

The Providence Service Company Profile

The Providence Service Corporation provides healthcare services in the United States. It operates through Non-Emergency Transportation Services (NET Services) and Matrix Investment segments. The NET Services segment offers non-emergency medical transportation services for Medicaid or Medicare eligible members, whose limited mobility or financial resources hinder their ability to access necessary healthcare and social services.

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