Short Interest in The Providence Service Co. (NASDAQ:PRSC) Decreases By 13.6%

The Providence Service Co. (NASDAQ:PRSC) saw a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 215,000 shares, a decline of 13.6% from the May 15th total of 248,700 shares. Approximately 1.7% of the company’s shares are short sold. Based on an average daily trading volume, of 56,800 shares, the days-to-cover ratio is presently 3.8 days.

Several equities analysts have recently issued reports on PRSC shares. BidaskClub upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, June 20th. TheStreet lowered The Providence Service from a “b-” rating to a “c+” rating in a research report on Friday, June 28th.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC bought a new stake in The Providence Service in the 1st quarter valued at approximately $27,000. Bank of Montreal Can raised its stake in shares of The Providence Service by 24.7% during the 4th quarter. Bank of Montreal Can now owns 1,643 shares of the company’s stock worth $98,000 after purchasing an additional 325 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of The Providence Service by 717.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,322 shares of the company’s stock worth $155,000 after purchasing an additional 2,038 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in shares of The Providence Service during the 4th quarter worth approximately $191,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of The Providence Service by 343.5% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,125 shares of the company’s stock worth $248,000 after purchasing an additional 3,195 shares in the last quarter. Hedge funds and other institutional investors own 96.79% of the company’s stock.

Shares of PRSC opened at $57.09 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.40 and a quick ratio of 1.40. The company has a 50 day simple moving average of $61.97. The Providence Service has a 52-week low of $54.02 and a 52-week high of $75.61. The firm has a market cap of $736.18 million, a price-to-earnings ratio of 25.83 and a beta of 0.75.

The Providence Service (NASDAQ:PRSC) last released its earnings results on Wednesday, May 8th. The company reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.02. The firm had revenue of $367.82 million for the quarter. The Providence Service had a positive return on equity of 9.39% and a negative net margin of 1.79%.

About The Providence Service

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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