InnovAge (NASDAQ:INNV) Major Shareholder Aggregator Lp Ignite Sells 10,000,000 Shares of Company Stock

Key Points

• Major shareholder Aggregator Lp Ignite sold 10 million InnovAge shares at an average price of $9.25, generating $92.5 million. The sale reduced its ownership by 8.88%, though it still directly holds 102.6 million shares.
• InnovAge shares recently traded at $8.89, below the analyst consensus price target of $10.50. The company’s latest quarterly revenue exceeded expectations, but EPS came in slightly below consensus.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Reduce” rating. Institutional investors own 12.26% of InnovAge, with several funds adding or initiating positions recently.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the firm's stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $9.25, for a total value of $92,500,000.00. Following the completion of the sale, the insider directly owned 102,576,555 shares of the company's stock, valued at $948,833,133.75. This represents a 8.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

InnovAge Price Performance

Shares of NASDAQ:INNV traded down $0.11 during trading on Monday, hitting $8.89. 725,506 shares of the stock were exchanged, compared to its average volume of 349,382. InnovAge Holding Corp. has a 12-month low of $3.93 and a 12-month high of $12.64. The company has a market cap of $1.21 billion, a PE ratio of -444.50 and a beta of 0.40. The company has a fifty day moving average price of $10.85 and a two-hundred day moving average price of $9.44. 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 (NASDAQ:INNV - Get Free Report) last posted its 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). The firm had revenue of $261.95 million for the quarter, compared to analysts' expectations of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. On average, analysts forecast that InnovAge Holding Corp. will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on INNV shares. Wall Street Zen lowered InnovAge from a "strong-buy" rating to a "buy" rating in a research note on Sunday, September 20th. KeyCorp raised their price target on shares of InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 9th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a research note on Thursday, August 13th. One investment 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 data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $10.50.

Hedge Funds Weigh In On InnovAge

Several institutional investors and hedge funds have recently bought and sold shares of INNV. BlackRock Inc. purchased a new stake in shares of InnovAge during the 2nd quarter valued at $17,652,000. Algert Global LLC raised its holdings in InnovAge by 844.1% in the second quarter. Algert Global LLC now owns 630,520 shares of the company's stock valued at $7,472,000 after buying an additional 563,735 shares during the period. Hillsdale Investment Management Inc. purchased a new position in InnovAge in the first quarter valued at approximately $4,250,000. Arrowstreet Capital Limited Partnership purchased a new stake in InnovAge during the first quarter worth approximately $3,349,000. Finally, Renaissance Technologies LLC increased its position in shares of InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company's stock worth $2,974,000 after acquiring an additional 186,117 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

About InnovAge

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company's services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.

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