Key Points
- Major shareholder Aggregator LP Ignite sold 10 million InnovAge shares at an average of $9.25 each, generating $92.5 million. The sale reduced its stake by 8.88%, though it still owns approximately 102.6 million shares.
- InnovAge shares opened at $8.89, down 1.2%, with a market capitalization of about $1.21 billion. The stock has traded between $3.93 and $12.64 over the past year.
- The company narrowly missed quarterly earnings expectations, reporting $0.06 in EPS versus $0.07 forecast, but revenue of $261.95 million exceeded estimates. Analysts’ average rating is “Reduce”, with a consensus price target of $10.50.
InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the business's stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $9.25, for a total transaction of $92,500,000.00. Following the transaction, the insider owned 102,576,555 shares in the company, valued at $948,833,133.75. This represents a 8.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
InnovAge Stock Down 1.2%
Shares of INNV stock opened at $8.89 on Tuesday. InnovAge Holding Corp. has a 52-week low of $3.93 and a 52-week high of $12.64. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -444.50 and a beta of 0.40. The firm's 50-day moving average is $10.80 and its 200-day moving average is $9.44. 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 (NASDAQ:INNV - Get Free Report) last posted its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The business had revenue of $261.95 million for the quarter, compared to the consensus estimate of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. Sell-side analysts predict that InnovAge Holding Corp. will post 0.43 EPS for the current year.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on INNV shares. Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a report on Thursday, August 13th. Wall Street Zen cut shares of InnovAge from a "strong-buy" rating to a "buy" rating in a research report on Sunday, September 20th. Finally, KeyCorp upped their price objective on shares of InnovAge from $13.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $10.50.
Check Out Our Latest Analysis on INNV
Institutional Trading of InnovAge
Several hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new position in shares of InnovAge during the 2nd quarter worth approximately $25,000. Kathmere Capital Management LLC raised its position in shares of InnovAge by 17.0% in the first quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company's stock valued at $125,000 after buying an additional 2,260 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in shares of InnovAge in the second quarter valued at approximately $142,000. Baron Wealth Management LLC bought a new stake in shares of InnovAge in the first quarter valued at approximately $104,000. Finally, Virtus Advisers LLC bought a new stake in shares of InnovAge in the second quarter valued at approximately $207,000. 12.26% of the stock is owned by institutional investors and hedge funds.
InnovAge Company Profile
(
Get Free Report)
InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.
The company's services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.
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