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

InnovAge Holding Corp. (NASDAQ:INNV) insider Nicole Damato sold 23,814 shares of the business’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 transaction of $207,181.80. Following the completion of the sale, the insider owned 304,897 shares of the company’s stock, valued at approximately $2,652,603.90. The trade was a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

InnovAge Trading Up 1.0%

NASDAQ:INNV traded up $0.09 during trading hours on Tuesday, reaching $8.98. 729,132 shares of the company 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 firm has a market cap of $1.23 billion, a price-to-earnings ratio of -449.00 and a beta of 0.40. InnovAge Holding Corp. has a 52-week low of $3.93 and a 52-week high of $12.64. The stock has a 50 day simple moving average of $10.80 and a 200 day simple moving average of $9.44.

InnovAge (NASDAQ:INNV) 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). The company had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $238.33 million. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. As a group, analysts predict that InnovAge Holding Corp. will post 0.43 EPS for the current year.

Institutional Trading of InnovAge

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in InnovAge during the 2nd quarter worth approximately $17,652,000. Algert Global LLC grew its position in InnovAge by 844.1% in the second 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. acquired a new stake in InnovAge in the first quarter valued at approximately $4,250,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of InnovAge during the first quarter valued at approximately $3,349,000. Finally, Inspire Investing LLC purchased a new stake in shares of InnovAge during the first quarter valued at approximately $1,591,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INNV has been the subject of several research analyst reports. Wall Street Zen lowered InnovAge from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. Finally, KeyCorp increased their target price on shares of InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $10.50.

About InnovAge

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.