Insider Selling: InnovAge (NASDAQ:INNV) Major Shareholder Sells $92,500,000.00 in Stock

InnovAge Holding Corp. (NASDAQ:INNV) major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $9.25, for a total value of $92,500,000.00. Following the completion of the transaction, the insider owned 102,576,555 shares of the company’s stock, valued at $948,833,133.75. This represents a 8.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

InnovAge Stock Down 2.0%

Shares of InnovAge stock opened at $8.80 on Thursday. The firm has a market cap of $1.20 billion, a PE ratio of -440.00 and a beta of 0.40. The business’s 50 day simple moving average is $10.69 and its 200 day simple 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 52-week low of $3.93 and a 52-week high of $12.64.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Welch Capital Partners LLC NY acquired a new stake in InnovAge in the 2nd quarter valued at about $1,616,000. Renaissance Technologies LLC increased its position in InnovAge by 100.8% during the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock worth $2,974,000 after buying an additional 186,117 shares during the last quarter. BlackRock Inc. bought a new stake in InnovAge in the second quarter valued at approximately $17,652,000. Dimensional Fund Advisors LP raised its stake in InnovAge by 383.4% in the first quarter. Dimensional Fund Advisors LP now owns 236,485 shares of the company’s stock valued at $1,896,000 after buying an additional 187,567 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of InnovAge in the first quarter valued at approximately $3,349,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

About InnovAge

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.