InnovAge (NASDAQ:INNV) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded InnovAge from “buy” to “strong buy.” However, analyst sentiment overall remains mixed: MarketBeat reports a consensus “hold” rating and a $10.50 target price.
• InnovAge beat quarterly estimates, reporting EPS of $0.14 versus $0.09 expected and revenue of $264.76 million versus $257.23 million expected.
• Insiders sold about 13 million shares worth approximately $120.5 million over the past 90 days; shares opened at $8.97 and were down 1.3% in the report.

InnovAge (NASDAQ:INNV - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday, Wall Street Zen reports.

INNV has been the topic of a number of other reports. KeyCorp lifted their price objective on shares of InnovAge from $13.00 to $14.00 and gave the company an "overweight" rating in a research note on Wednesday, September 9th. Weiss Ratings upgraded InnovAge from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, InnovAge presently has a consensus rating of "Hold" and a consensus target price of $10.50.

InnovAge Stock Down 1.3%

Shares of NASDAQ:INNV opened at $8.97 on Friday. The firm has a 50 day moving average of $9.65 and a 200-day moving average of $9.12. 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 has a 12 month low of $4.53 and a 12 month high of $12.64.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.09 by $0.05. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. The business had revenue of $264.76 million during the quarter, compared to analyst estimates of $257.23 million. As a group, equities research analysts expect that InnovAge will post 0.44 EPS for the current year.

Insider Activity at InnovAge

In related news, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of InnovAge stock in a transaction that occurred on Wednesday, October 21st. The shares were sold at an average price of $9.25, for a total value of $13,875,000.00. Following the completion of the sale, the insider directly owned 101,076,555 shares in the company, valued at $934,958,133.75. This trade represents a 1.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicole Damato sold 3,402 shares of the business's stock in a transaction that occurred on Thursday, October 22nd. The shares were 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 approximately $2,867,217.45. The trade was a 1.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 13,027,216 shares of company stock valued at $120,489,535. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc bought a new stake in shares of InnovAge in the 2nd quarter worth about $25,000. NewEdge Advisors LLC acquired a new stake in InnovAge during the second quarter worth about $142,000. Virtus Advisers LLC acquired a new stake in shares of InnovAge in the second quarter valued at approximately $207,000. Corient Private Wealth LP bought a new stake in InnovAge during the 2nd quarter worth approximately $217,000. Finally, Deutsche Bank AG bought a new stake in shares of InnovAge in the 2nd quarter worth approximately $259,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

InnovAge Company Profile

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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