InnovAge Holding Corp. (NASDAQ:INNV) Stock Short Interest Report for September

Key Points

• Short interest surged 127.3% in September to 2.67 million shares, representing about 2.0% of InnovAge’s shares outstanding and a 2.4-day days-to-cover ratio.
• InnovAge reported quarterly EPS of $0.06, slightly below the $0.07 consensus estimate, though revenue of $261.95 million exceeded expectations. Analysts’ consensus rating remained “Reduce,” with a $10.50 price target.
• Insider selling increased, including a 10 million-share sale by major shareholder Aggregator LP Ignite for $92.5 million and a 23,814-share sale by an insider; insiders own 1.0% of the company, while institutions own 12.26%.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) was the target of a large growth in short interest in September. As of September 30th, there was short interest totaling 2,665,762 shares, a growth of 127.3% from the September 15th total of 1,172,680 shares. Approximately 2.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,124,688 shares, the days-to-cover ratio is presently 2.4 days.

InnovAge Trading Up 0.5%

NASDAQ INNV opened at $9.15 on Tuesday. The stock's 50-day simple moving average is $10.30 and its two-hundred day simple moving average is $9.49. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -457.50 and a beta of 0.15. InnovAge has a twelve month low of $3.93 and a twelve month high of $12.64. 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 announced its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $261.95 million during the quarter, compared to the consensus estimate of $238.33 million. Research analysts forecast that InnovAge will post 0.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. KeyCorp upped their target price on shares of InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a report on Wednesday, September 9th. Wall Street Zen upgraded shares of InnovAge from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a report on Thursday, August 13th. One equities 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, the company currently has a consensus rating of "Reduce" and a consensus price target of $10.50.

Insider Transactions at InnovAge

In other news, insider Nicole Damato sold 23,814 shares of the company's stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $8.70, for a total transaction of $207,181.80. Following the sale, the insider directly owned 304,897 shares in the company, valued at $2,652,603.90. This represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the company's stock in a transaction dated 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 sale, the insider owned 102,576,555 shares in the company, valued at approximately $948,833,133.75. This represents a 8.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by insiders.

Institutional Trading of InnovAge

Several hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc bought a new position in InnovAge during the 2nd quarter worth approximately $25,000. Baron Wealth Management LLC purchased a new position in InnovAge in the 1st quarter worth approximately $104,000. Kathmere Capital Management LLC increased 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 purchasing an additional 2,260 shares during the period. NewEdge Advisors LLC bought a new stake in InnovAge in the second quarter valued at approximately $142,000. Finally, Virtus Advisers LLC bought a new stake in InnovAge in the second quarter valued at approximately $207,000. 12.26% of the stock is owned by institutional investors.

InnovAge Company Profile

InnovAge NASDAQ: INNV is a healthcare company that provides comprehensive care and support services to 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 while receiving coordinated medical, behavioral, rehabilitation and social services.

The company operates PACE centers that combine primary and specialty medical care, nursing, therapy, pharmacy services, transportation, meals and social activities.

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