InnovAge (NASDAQ:INNV) Stock: Insider Nicole Damato Sells 23,814 Shares

Key Points

• InnovAge insider Nicole Damato sold 23,814 shares at an average price of $8.70, worth approximately $207,182, under a pre-arranged Rule 10b5-1 plan. She retained 304,897 shares after the transaction.
• INNV recently traded at $8.98, with a market capitalization of about $1.23 billion, while its latest quarterly results missed EPS estimates by $0.01 but exceeded revenue expectations.
• Analyst sentiment remains cautious: InnovAge has a consensus “Reduce” rating and a $10.50 target price, despite KeyCorp raising its target to $14.00; institutional investors own 12.26% of the stock.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) insider Nicole Damato sold 23,814 shares of the firm's stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $8.70, for a total value of $207,181.80. Following the completion of the transaction, 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

InnovAge Price Performance

INNV traded up $0.09 during trading on Tuesday, reaching $8.98. 729,132 shares of the stock were exchanged, compared to its average volume of 351,422. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -449.00 and a beta of 0.40. InnovAge Holding Corp. has a 1 year low of $3.93 and a 1 year high of $12.64. The business's 50 day moving average price is $10.80 and its two-hundred day moving average price is $9.44.

InnovAge (NASDAQ:INNV - Get Free Report) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%.The firm had revenue of $261.95 million for the quarter, compared to analyst estimates of $238.33 million. As a group, equities research analysts anticipate that InnovAge Holding Corp. will post 0.43 earnings per share for the current year.

Institutional Trading of InnovAge

Hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc purchased a new position in shares of InnovAge during the 2nd quarter worth $25,000. NewEdge Advisors LLC acquired a new position in InnovAge in the second quarter valued at $142,000. Baron Wealth Management LLC purchased a new position in InnovAge during the first quarter worth about $104,000. Kathmere Capital Management LLC boosted its stake in InnovAge by 17.0% in the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company's stock worth $125,000 after buying an additional 2,260 shares during the last quarter. Finally, Virtus Advisers LLC purchased a new stake in InnovAge in the 2nd quarter valued at about $207,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on INNV. KeyCorp increased their price target 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. Wall Street Zen downgraded InnovAge from a "strong-buy" rating to a "buy" rating in a research report on Sunday, September 20th. Finally, Weiss Ratings reaffirmed 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 issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $10.50.

InnovAge Company Profile

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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