InnovAge (NASDAQ:INNV) Releases Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• InnovAge beat quarterly expectations, reporting earnings of $0.14 per share versus $0.09 expected, and revenue of $264.76 million versus a $257.23 million consensus.
• The company had a negative net margin of 0.26% and negative return on equity of 1.03%; its shares traded at $8.85 during Tuesday’s mid-day session.
• Insiders sold about 13 million shares worth $120.5 million over the past 90 days. Analysts’ average rating was “Reduce,” with a consensus price target of $10.50.

InnovAge (NASDAQ:INNV - Get Free Report) announced its earnings results on Tuesday. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.05, FiscalAI reports. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. The company had revenue of $264.76 million during the quarter, compared to the consensus estimate of $257.23 million.

InnovAge Price Performance

NASDAQ:INNV traded down $0.07 during mid-day trading on Tuesday, hitting $8.85. 706,479 shares of the company's stock traded hands, compared to its average volume of 381,591. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05. The firm's 50 day simple moving average is $9.80 and its 200 day simple moving average is $9.05. The company has a market cap of $1.21 billion, a PE ratio of -442.50 and a beta of 0.15. InnovAge has a 1 year low of $3.93 and a 1 year high of $12.64.

Insider Transactions at InnovAge

In related news, major shareholder Aggregator Lp Ignite sold 1,500,000 shares of the firm's 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 sale, the insider directly owned 101,076,555 shares of the company's stock, valued at approximately $934,958,133.75. This trade represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicole Damato sold 3,402 shares of the business's stock in a transaction 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 sale, the insider directly owned 301,495 shares of the company's stock, valued at $2,867,217.45. This represents 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. Insiders sold a total of 13,027,216 shares of company stock worth $120,489,535 over the last ninety days. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. KeyCorp boosted their price objective on shares of InnovAge from $13.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, September 9th. Wall Street Zen lowered shares of InnovAge from a "strong-buy" rating to a "buy" rating in a report on Sunday, October 18th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a research note on Thursday, August 13th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average 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.