InnovAge (NASDAQ:INNV) Stock Rating Raised to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of InnovAge (NASDAQ:INNV) from a buy rating to a strong-buy rating in a research note published on Saturday,Wall Street Zen reports.

Several other brokerages have also weighed in on INNV. KeyCorp raised their price objective on shares of InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, InnovAge currently has an average rating of “Reduce” and an average price target of $10.50.

InnovAge Stock Performance

Shares of NASDAQ INNV opened at $9.10 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05. InnovAge has a one year low of $3.93 and a one year high of $12.64. The business’s 50-day moving average price is $10.34 and its two-hundred day moving average price is $9.47. The company has a market capitalization of $1.24 billion, a P/E ratio of -455.00 and a beta of 0.15.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The firm had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. Analysts anticipate that InnovAge will post 0.43 earnings per share for the current fiscal year.

Insider Transactions at InnovAge

In related news, insider Nicole Damato sold 23,814 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $8.70, for a total value of $207,181.80. Following the transaction, the insider directly owned 304,897 shares of the company’s stock, valued at approximately $2,652,603.90. This trade represents a 7.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $9.25, for a total value of $92,500,000.00. Following the completion of the sale, the insider owned 102,576,555 shares of the company’s stock, valued at approximately $948,833,133.75. This trade represents a 8.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of InnovAge

A number of institutional investors and hedge funds have recently modified their holdings of the company. Welch Capital Partners LLC NY acquired a new position in InnovAge during the 2nd quarter worth $1,616,000. Renaissance Technologies LLC grew its position in shares of InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after purchasing an additional 186,117 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of InnovAge by 383.4% in the first quarter. Dimensional Fund Advisors LP now owns 236,485 shares of the company’s stock valued at $1,896,000 after purchasing an additional 187,567 shares during the last quarter. BlackRock Inc. bought a new position in shares of InnovAge in the second quarter worth about $17,652,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of InnovAge in the first quarter worth about $3,349,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

InnovAge Company Profile

InnovAge (NASDAQ: INNV) is a healthcare company that provides comprehensive care and support services to older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its model is designed to help eligible seniors remain living in their homes and communities while receiving coordinated medical, behavioral, rehabilitation and social services.

The company operates PACE centers that combine primary and specialty medical care, nursing, therapy, pharmacy services, transportation, meals and social activities.