Key Points
- InnovAge insider Nicole Damato sold 23,814 shares for approximately $207,182 at an average price of $8.70. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced her holdings by 7.24% to 304,897 shares.
- InnovAge recently reported quarterly EPS of $0.06, missing the $0.07 consensus estimate, while revenue of $261.95 million exceeded expectations. The stock opened at $8.98, with a market capitalization of about $1.23 billion.
- Analyst sentiment remains cautious: InnovAge has an average rating of “Reduce” and a $10.50 price target, despite KeyCorp raising its target to $14 and assigning an “overweight” rating. Hedge funds and other institutions own 12.26% of the company.
InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) insider Nicole Damato sold 23,814 shares of InnovAge stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $8.70, for a total transaction of $207,181.80. Following the transaction, the insider owned 304,897 shares in the company, valued at approximately $2,652,603.90. The trade was a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
InnovAge Price Performance
Shares of NASDAQ:INNV opened at $8.98 on Wednesday. The company's fifty day moving average is $10.75 and its two-hundred day moving average is $9.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23. InnovAge Holding Corp. has a 12-month low of $3.93 and a 12-month high of $12.64. The company has a market cap of $1.23 billion, a P/E ratio of -449.00 and a beta of 0.40.
InnovAge (NASDAQ:INNV - Get Free Report) last issued its 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). The business had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. Equities analysts expect that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.
Hedge Funds Weigh In On InnovAge
Several institutional investors and hedge funds have recently modified their holdings of the stock. Arlington Capital Management Inc. acquired a new position in shares of InnovAge in the second quarter worth $352,000. NewEdge Advisors LLC purchased a new stake in shares of InnovAge during the second quarter worth $142,000. Corient Private Wealth LP acquired a new stake in InnovAge during the second quarter valued at $218,000. Bank of America Corp DE acquired a new stake in InnovAge during the second quarter valued at $354,000. Finally, Man Group plc purchased a new position in InnovAge in the second quarter valued at about $702,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Wall Street Zen downgraded InnovAge from a "strong-buy" rating to a "buy" rating in a research note on Sunday, September 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of InnovAge in a research note on Thursday, August 13th. Finally, KeyCorp upped their target price on InnovAge from $13.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, September 9th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $10.50.
View Our Latest Stock Report on INNV
About InnovAge
(
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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