InnovAge (NASDAQ:INNV) Sees Strong Trading Volume - What's Next?

Key Points

• InnovAge trading volume surged 149% to 907,741 shares, while the stock slipped 1.5% to $9.04 from its prior close of $9.13.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and a $10.50 price target; ratings include one Buy, one Hold and two Sell recommendations.
• The company narrowly missed quarterly EPS estimates at $0.06 versus $0.07, despite revenue exceeding forecasts, while major shareholder Aggregator LP Ignite sold 10 million shares for $92.5 million.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) saw unusually-high trading volume on Thursday. 907,741 shares were traded during trading, an increase of 149% from the previous session's volume of 364,258 shares. The stock last traded at $9.04 and had previously closed at $9.13.

Wall Street Analyst Weigh In

Several research firms recently issued reports on INNV. Wall Street Zen downgraded InnovAge from a "strong-buy" rating to a "buy" rating in a report on Sunday, September 20th. KeyCorp raised their target price on InnovAge from $13.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, September 9th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, InnovAge has a consensus rating of "Reduce" and a consensus price target of $10.50.

InnovAge Stock Down 1.5%

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The firm has a 50 day simple moving average of $10.44 and a two-hundred day simple moving average of $9.47. The company has a market capitalization of $1.23 billion, a PE ratio of -449.50 and a beta of 0.15.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings data 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 net margin of 0.26% and a negative return on equity of 1.03%. The firm had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. Research analysts expect that InnovAge Holding Corp. will post 0.43 EPS for the current year.

Insider Transactions at InnovAge

In other news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the business's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $9.25, for a total transaction of $92,500,000.00. Following the transaction, the insider directly owned 102,576,555 shares in the company, valued at $948,833,133.75. The trade was a 8.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nicole Damato sold 23,814 shares of the 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 transaction, the insider directly owned 304,897 shares of the company's stock, valued at $2,652,603.90. This represents a 7.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On InnovAge

A number of large investors have recently modified their holdings of the business. Argent Capital Management LLC acquired a new stake in shares of InnovAge in the 3rd quarter valued at approximately $652,000. Arlington Capital Management Inc. acquired a new position in InnovAge during the second quarter worth $352,000. NewEdge Advisors LLC purchased a new position in InnovAge in the second quarter worth $142,000. Corient Private Wealth LP acquired a new stake in InnovAge in the second quarter valued at $218,000. Finally, Bank of America Corp DE acquired a new position in shares of InnovAge during the 2nd quarter worth $354,000. 12.26% of the stock is owned by hedge funds and other 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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