InnovAge (NASDAQ:INNV) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded InnovAge to “strong-buy” from “buy,” but broader analyst sentiment remains cautious: MarketBeat reports an average “Reduce” rating and a $10.50 consensus price target.
• InnovAge opened at $9.10, below its 50-day moving average of $10.34, while its latest quarterly results missed EPS expectations by $0.01 despite revenue exceeding estimates.
• Insider selling included a 10-million-share disposal by major shareholder Aggregator LP Ignite, while institutional ownership rose to 12.26% after investments from firms including BlackRock and Algert Global.

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

A number of other brokerages have also commented on INNV. Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a report on Thursday, August 13th. KeyCorp raised their target price on InnovAge from $13.00 to $14.00 and gave the company an "overweight" rating in a 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $10.50.

InnovAge Stock Performance

NASDAQ INNV opened at $9.10 on Friday. The company has a fifty day simple moving average of $10.34 and a 200 day simple moving average of $9.47. InnovAge has a 12-month low of $3.93 and a 12-month high of $12.64. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The company has a market cap of $1.24 billion, a P/E ratio of -455.00 and a beta of 0.15.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 EPS 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 for the quarter, compared to the consensus estimate of $238.33 million. Sell-side analysts predict that InnovAge will post 0.43 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the business'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 transaction, the insider directly owned 102,576,555 shares in the company, valued at approximately $948,833,133.75. The trade was a 8.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nicole Damato sold 23,814 shares of the company'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 completion of the sale, the insider directly owned 304,897 shares of the company's stock, valued at $2,652,603.90. The trade was a 7.24% 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. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On InnovAge

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of InnovAge during the 2nd quarter valued at $17,652,000. Algert Global LLC boosted its holdings in shares of InnovAge by 844.1% in the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company's stock worth $7,472,000 after buying an additional 563,735 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of InnovAge in the 1st quarter worth about $4,250,000. Arrowstreet Capital Limited Partnership bought a new position in InnovAge during the first quarter valued at about $3,349,000. Finally, Renaissance Technologies LLC grew its position in InnovAge by 100.8% during 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. 12.26% of the stock is owned by institutional investors.

InnovAge Company Profile

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.

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