Key Points
- Major shareholder Aggregator LP Ignite sold 1.5 million InnovAge shares at $9.25 each for $13.875 million, reducing its ownership by 1.46% while retaining approximately 101.1 million shares.
- InnovAge reported quarterly revenue of $261.95 million, exceeding expectations, but EPS of $0.06 missed estimates by $0.01; the company posted a negative net margin and return on equity.
- Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $10.50, despite one analyst raising its target to $14.00.
InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) major shareholder Aggregator Lp Ignite sold 1,500,000 shares of the business's stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $9.25, for a total value of $13,875,000.00. Following the transaction, the insider directly owned 101,076,555 shares of the company's stock, valued at $934,958,133.75. The trade was a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
Aggregator Lp Ignite also recently made the following trade(s):
- On Thursday, September 24th, Aggregator Lp Ignite sold 10,000,000 shares of InnovAge stock. The stock was sold at an average price of $9.25, for a total value of $92,500,000.00.
InnovAge Price Performance
INNV stock opened at $9.55 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. The firm has a market capitalization of $1.30 billion, a P/E ratio of -477.50 and a beta of 0.15. The business's 50-day moving average is $10.00 and its two-hundred day moving average is $9.56. InnovAge Holding Corp. has a 1 year low of $3.93 and a 1 year high of $12.64.
InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share (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 company had revenue of $261.95 million during the quarter, compared to analysts' expectations of $238.33 million. Analysts anticipate that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. KeyCorp lifted their price target on shares of InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. Finally, Wall Street Zen lowered shares of InnovAge from a "strong-buy" rating to a "buy" rating in a report on Sunday, October 18th. One 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. Based on data from MarketBeat, InnovAge has a consensus rating of "Reduce" and an average target price of $10.50.
Read Our Latest Research Report on InnovAge
Institutional Trading of InnovAge
A number of hedge funds and other institutional investors have recently bought and sold shares of INNV. Argent Capital Management LLC acquired a new position in shares of InnovAge during the 3rd quarter worth about $652,000. Arlington Capital Management Inc. acquired a new stake in shares of InnovAge during the 2nd quarter worth about $352,000. NewEdge Advisors LLC acquired a new stake in shares of InnovAge during the 2nd quarter worth about $142,000. Corient Private Wealth LP purchased a new stake in InnovAge during the second quarter worth approximately $218,000. Finally, Bank of America Corp DE purchased a new stake in InnovAge during the second quarter worth approximately $354,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.
About InnovAge
(
Get Free Report)
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.
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