InnovAge (NASDAQ:INNV) Stock Rating Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of InnovAge (NASDAQ:INNV) from a strong-buy rating to a buy rating in a research note released on Sunday morning,Wall Street Zen reports.

INNV has been the subject of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. KeyCorp boosted their price target on shares of 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 issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $10.50.

InnovAge Price Performance

Shares of INNV stock opened at $8.85 on Friday. The stock has a 50 day moving average of $10.14 and a two-hundred day moving average of $9.52. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. InnovAge has a 12 month low of $3.93 and a 12 month high of $12.64. The company has a market capitalization of $1.21 billion, a P/E ratio of -442.50 and a beta of 0.15.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The firm had revenue of $261.95 million for the quarter, compared to the consensus estimate of $238.33 million. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. As a group, equities analysts expect that InnovAge will post 0.43 EPS for the current year.

Insider Activity

In other InnovAge news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the firm’s stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $9.25, for a total transaction of $92,500,000.00. Following the completion of the transaction, the insider owned 102,576,555 shares in the company, valued at $948,833,133.75. This trade represents a 8.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicole Damato sold 23,814 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,652,603.90. This represents a 7.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On InnovAge

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in InnovAge during the second quarter worth $17,652,000. Algert Global LLC lifted its holdings in shares of InnovAge by 844.1% during the second quarter. Algert Global LLC now owns 630,520 shares of the company’s stock valued at $7,472,000 after acquiring an additional 563,735 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in shares of InnovAge in the 1st quarter valued at $4,250,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of InnovAge in the 1st quarter valued at $3,349,000. Finally, Renaissance Technologies LLC boosted its stake in shares of InnovAge by 100.8% in the 1st quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after purchasing an additional 186,117 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

About InnovAge

InnovAge (NASDAQ: INNV) is a healthcare company that provides comprehensive care and support services to 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 while receiving coordinated medical, behavioral, rehabilitation and social services.

The company operates PACE centers that combine primary and specialty medical care, nursing, therapy, pharmacy services, transportation, meals and social activities.