InnovAge (NASDAQ:INNV) Major Shareholder Sells 1,500,000 Shares of Company Stock

Key Points

• Major shareholder Aggregator LP Ignite sold 1.5 million InnovAge shares at $9.25 each, generating $13.875 million and reducing its stake by 1.46% to approximately 101.1 million shares.
• InnovAge shares traded at $9.55, while analysts maintained a consensus “Reduce” rating with an average price target of $10.50; ratings included one Buy, one Hold, and two Sell recommendations.
• The company slightly missed quarterly EPS expectations, reporting $0.06 versus $0.07 expected, but revenue of $261.95 million exceeded forecasts of $238.33 million.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) major shareholder Aggregator Lp Ignite sold 1,500,000 shares of the company's stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $9.25, for a total transaction of $13,875,000.00. Following the completion of the transaction, the insider directly owned 101,076,555 shares in the company, valued at approximately $934,958,133.75. The trade was a 1.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Aggregator Lp Ignite also recently made the following trade(s):

• On Thursday, September 24th, Aggregator Lp Ignite sold 10,000,000 shares of InnovAge stock. The stock was sold at an average price of $9.25, for a total value of $92,500,000.00.

InnovAge Price Performance

NASDAQ:INNV traded up $0.03 during trading hours on Friday, hitting $9.55. 460,862 shares of the company's stock traded hands, compared to its average volume of 377,296. The firm has a market cap of $1.30 billion, a P/E ratio of -477.50 and a beta of 0.15. InnovAge Holding Corp. has a 52 week low of $3.93 and a 52 week high of $12.64. The business's fifty day simple moving average is $10.03 and its two-hundred day simple moving average is $9.56. The company has a quick ratio of 1.05, a current 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 the consensus estimate of $0.07 by ($0.01). The business 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, research analysts anticipate that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on INNV shares. Weiss Ratings restated a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. KeyCorp lifted their target price on shares of InnovAge from $13.00 to $14.00 and gave the company an "overweight" rating in a research report on Wednesday, September 9th. Finally, Wall Street Zen lowered shares of InnovAge from a "strong-buy" rating to a "buy" rating in a research report on Sunday, October 18th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $10.50.

Institutional Investors Weigh In On InnovAge

A number of large investors have recently added to or reduced their stakes in INNV. BlackRock Inc. bought a new stake in InnovAge during the second quarter worth about $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 purchasing an additional 563,735 shares in 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 shares of InnovAge during the 1st quarter valued at about $3,349,000. Finally, Inspire Investing LLC bought a new position in shares of InnovAge during the 1st quarter valued at about $1,591,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

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.

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