Insider Selling: InnovAge (NASDAQ:INNV) Insider Sells $207,181.80 in Stock

InnovAge Holding Corp. (NASDAQ:INNV) insider Nicole Damato sold 23,814 shares of the business’s stock in a transaction on Friday, September 25th. The shares were sold at an average price of $8.70, for a total transaction of $207,181.80. Following the sale, the insider owned 304,897 shares of the company’s stock, valued at approximately $2,652,603.90. The trade was a 7.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

InnovAge Price Performance

Shares of NASDAQ:INNV opened at $8.80 on Friday. The company’s fifty day moving average is $10.64 and its two-hundred day moving average is $9.45. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05. InnovAge Holding Corp. has a 1-year low of $3.93 and a 1-year high of $12.64. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -440.00 and a beta of 0.16.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01). InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. The business had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. Equities analysts anticipate that InnovAge Holding Corp. will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on INNV shares. Wall Street Zen lowered InnovAge from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. Finally, KeyCorp boosted their price objective on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $10.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc bought a new stake in shares of InnovAge during the second quarter valued at approximately $25,000. NewEdge Advisors LLC bought a new position in InnovAge in the 2nd quarter worth approximately $142,000. Baron Wealth Management LLC bought a new position in InnovAge in the 1st quarter worth approximately $104,000. Kathmere Capital Management LLC increased its position in InnovAge by 17.0% in the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock valued at $125,000 after acquiring an additional 2,260 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in InnovAge in the 2nd quarter valued at approximately $207,000. Institutional investors own 12.26% of the company’s stock.

About InnovAge

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.