Key Points
- InnovAge insider Nicole Damato sold 3,402 shares at an average price of $9.51, generating $32,353.02. The Rule 10b5-1 transaction reduced her holdings by 1.12% to 301,495 shares.
- InnovAge shares opened at $9.27, down 2.9%, while the company’s latest quarterly revenue of $261.95 million exceeded estimates but EPS of $0.06 fell short of consensus.
- Analyst sentiment remains cautious, with the stock carrying a consensus “Reduce” rating and an average price target of $10.50; hedge funds and institutional investors own 12.26% of the company.
InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) 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 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 document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Nicole Damato also recently made the following trade(s):
- On Friday, September 25th, Nicole Damato sold 23,814 shares of InnovAge stock. The shares were sold at an average price of $8.70, for a total transaction of $207,181.80.
InnovAge Trading Down 2.9%
Shares of InnovAge stock opened at $9.27 on Tuesday. InnovAge Holding Corp. has a 52-week low of $3.93 and a 52-week high of $12.64. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23. The company's 50-day simple moving average is $9.97 and its 200-day simple moving average is $8.96. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -463.50 and a beta of 0.15.
InnovAge (NASDAQ:INNV - Get Free Report) last posted its quarterly earnings results 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). The firm had revenue of $261.95 million for the quarter, compared to analysts' expectations of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. As a group, equities research analysts anticipate that InnovAge Holding Corp. will post 0.43 earnings per share for the current year.
Hedge Funds Weigh In On InnovAge
Several hedge funds have recently added to or reduced their stakes in INNV. BlackRock Inc. acquired a new position in shares of InnovAge during the 2nd quarter worth approximately $17,652,000. Algert Global LLC lifted its holdings in InnovAge by 844.1% in the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company's stock valued at $7,472,000 after purchasing an additional 563,735 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in InnovAge in the 1st quarter valued at about $4,250,000. Arrowstreet Capital Limited Partnership purchased a new position in InnovAge in the 1st quarter valued at about $3,349,000. Finally, Renaissance Technologies LLC boosted its stake in shares of InnovAge by 100.8% during the 1st quarter. Renaissance Technologies LLC now owns 370,817 shares of the company's stock worth $2,974,000 after purchasing an additional 186,117 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have issued reports on INNV. KeyCorp boosted their target price on InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a report on Thursday, August 13th. Finally, Wall Street Zen cut 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $10.50.
Get Our Latest Stock Analysis on INNV
InnovAge Company Profile
(
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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