Insider Selling: InnovAge (NASDAQ:INNV) Insider Sells 3,402 Shares of Stock

Key Points

• InnovAge insider Nicole Damato sold 3,402 shares at an average price of $9.51, generating $32,353.02. The transaction, conducted under a Rule 10b5-1 plan, reduced her holdings by 1.12% to 301,495 shares.
• InnovAge shares fell $0.28 to $9.27, with the stock trading between $3.93 and $12.64 over the past year. The company recently reported $261.95 million in quarterly revenue but missed EPS estimates, posting $0.06 versus the $0.07 consensus.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” and a $10.50 target price, despite KeyCorp raising its target to $14. Institutional investors own 12.26% of the company.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) insider Nicole Damato sold 3,402 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 301,495 shares in the company, valued at approximately $2,867,217.45. This trade represents a 1.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nicole Damato also recently made the following trade(s):

• On Friday, September 25th, Nicole Damato sold 23,814 shares of InnovAge stock. The shares were sold at an average price of $8.70, for a total transaction of $207,181.80.

InnovAge Stock Performance

INNV traded down $0.28 on Monday, hitting $9.27. The company's stock had a trading volume of 260,375 shares, compared to its average volume of 376,724. InnovAge Holding Corp. has a 12 month low of $3.93 and a 12 month high of $12.64. The firm has a market cap of $1.26 billion, a P/E ratio of -463.50 and a beta of 0.15. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23. The company's 50 day simple moving average is $10.00 and its 200-day simple moving average is $9.57.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. KeyCorp raised their target price on InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. Finally, Wall Street Zen downgraded shares of InnovAge from a "strong-buy" rating to a "buy" rating in a report on Sunday, October 18th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $10.50.

Institutional Investors Weigh In On InnovAge

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in InnovAge during the second quarter worth about $17,652,000. Algert Global LLC raised 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 valued at $7,472,000 after acquiring an additional 563,735 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of InnovAge in the 1st quarter valued at about $4,250,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of InnovAge in the 1st quarter valued at about $3,349,000. Finally, Renaissance Technologies LLC boosted its position in shares of InnovAge by 100.8% during the 1st quarter. Renaissance Technologies LLC now owns 370,817 shares of the company's stock valued at $2,974,000 after acquiring an additional 186,117 shares during the last quarter. Institutional investors own 12.26% of the company's stock.

InnovAge Company Profile

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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