InnovAge (NASDAQ:INNV) Major Shareholder Carson Anderson & Stow Welsh Sells 1,500,000 Shares of Company Stock

InnovAge Holding Corp. (NASDAQ:INNV) major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the stock in a transaction dated Wednesday, October 21st. The stock was sold at an average price of $9.25, for a total transaction of $13,875,000.00. Following the sale, the insider directly owned 101,076,555 shares in the company, valued at approximately $934,958,133.75. This represents a 1.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

InnovAge Price Performance

INNV opened at $9.55 on Friday. The company’s 50 day simple moving average is $10.00 and its 200-day simple moving average is $9.56. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05. InnovAge Holding Corp. has a one year low of $3.93 and a one year high of $12.64.

InnovAge (NASDAQ:INNV) last released its earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $261.95 million during the quarter, compared to the consensus estimate of $238.33 million. Sell-side analysts anticipate that InnovAge Holding Corp. will post 0.43 EPS for the current fiscal year.

Institutional Trading of InnovAge

Several institutional investors and hedge funds have recently added to or reduced their stakes in INNV. Welch Capital Partners LLC NY acquired a new position in InnovAge during the second quarter worth approximately $1,616,000. 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. Renaissance Technologies LLC raised its stake in InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after buying an additional 186,117 shares during the period. BlackRock Inc. acquired a new stake in shares of InnovAge in the second quarter valued at approximately $17,652,000. 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 owned by institutional investors.

Analyst Ratings Changes

INNV has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. Wall Street Zen cut InnovAge from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 18th. Finally, KeyCorp increased their price target on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. One equities research 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, the stock currently has a consensus rating of “Reduce” and a consensus price target of $10.50.

About InnovAge

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.