Wall Street Zen Upgrades InnovAge (NASDAQ:INNV) to “Strong-Buy”

InnovAge (NASDAQ:INNV) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other research analysts have also issued research reports about the stock. 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 note on Wednesday, September 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, August 13th. One 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. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $10.50.

InnovAge Stock Performance

NASDAQ INNV opened at $9.10 on Friday. The company has a market cap of $1.24 billion, a PE ratio of -455.00 and a beta of 0.15. The stock’s 50 day simple moving average is $10.34 and its 200-day simple moving average is $9.49. InnovAge has a 1-year low of $3.93 and a 1-year high of $12.64. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05.

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

Insider Activity at InnovAge

In related news, insider Nicole Damato sold 23,814 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $8.70, for a total value of $207,181.80. Following the sale, the insider owned 304,897 shares in the company, valued at $2,652,603.90. This represents a 7.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 on 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 completion of the sale, the insider directly owned 102,576,555 shares in the company, valued at $948,833,133.75. This trade represents a 8.88% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by company insiders.

Institutional Trading of InnovAge

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of InnovAge in the 2nd quarter worth approximately $17,652,000. Algert Global LLC increased its position in shares of InnovAge by 844.1% during the second quarter. Algert Global LLC now owns 630,520 shares of the company’s stock valued at $7,472,000 after purchasing an additional 563,735 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of InnovAge in the first quarter valued at $4,250,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of InnovAge in the first quarter valued at $3,349,000. Finally, Renaissance Technologies LLC lifted its position in InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock worth $2,974,000 after purchasing an additional 186,117 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About InnovAge

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.