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

InnovAge (NASDAQ:INNV) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other equities analysts have also recently issued reports on INNV. Weiss Ratings upgraded InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday. KeyCorp boosted their price objective on InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, InnovAge currently has a consensus rating of “Hold” and a consensus target price of $10.50.

InnovAge Price Performance

Shares of NASDAQ INNV opened at $8.97 on Friday. The stock has a market cap of $1.22 billion, a P/E ratio of 149.50 and a beta of 0.16. The firm’s 50-day simple moving average is $9.65 and its 200 day simple moving average is $9.12. InnovAge has a fifty-two week low of $4.53 and a fifty-two week high of $12.64. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.20.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. InnovAge had a net margin of 0.88% and a return on equity of 3.63%. The company had revenue of $264.76 million for the quarter, compared to the consensus estimate of $257.23 million. Equities analysts expect that InnovAge will post 0.44 EPS for the current year.

Insider Activity

In other news, insider Nicole Damato sold 3,402 shares of the firm’s stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $9.51, for a total transaction of $32,353.02. Following the completion of the sale, the insider directly owned 301,495 shares of the company’s stock, valued at $2,867,217.45. This trade represents a 1.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the company’s stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $9.25, for a total value of $13,875,000.00. Following the sale, the insider directly owned 101,076,555 shares of the company’s stock, valued at approximately $934,958,133.75. This represents a 1.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 13,027,216 shares of company stock worth $120,489,535. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On InnovAge

Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc bought a new position in InnovAge during the second quarter valued at approximately $25,000. NewEdge Advisors LLC bought a new stake in InnovAge in the second quarter worth approximately $142,000. Virtus Advisers LLC bought a new stake in InnovAge in the second quarter worth approximately $207,000. Corient Private Wealth LP bought a new stake in InnovAge in the second quarter worth approximately $217,000. Finally, Deutsche Bank AG acquired a new position in shares of InnovAge during the 2nd quarter worth $259,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

About InnovAge

InnovAge (NASDAQ: INNV) is a healthcare services company that provides comprehensive care for 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 rather than moving to nursing facilities, while coordinating medical, social, and supportive services through an integrated care program.

InnovAge’s services may include primary and specialty medical care, nursing, physical and occupational therapy, behavioral health, pharmacy services, dentistry, vision care, meals, transportation, social services, and in-home support.