InnovAge (NASDAQ:INNV) Major Shareholder Sells 1,500,000 Shares of Company Stock

InnovAge Holding Corp. (NASDAQ:INNV) major shareholder Aggregator Lp Ignite sold 1,500,000 shares of the stock in a transaction that occurred on Wednesday, October 21st. The shares were sold at an average price of $9.25, for a total transaction of $13,875,000.00. Following the transaction, the insider owned 101,076,555 shares in the company, valued at $934,958,133.75. The trade was a 1.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Aggregator Lp Ignite also recently made the following trade(s):

• On Thursday, September 24th, Aggregator Lp Ignite sold 10,000,000 shares of InnovAge stock. The stock was sold at an average price of $9.25, for a total transaction of $92,500,000.00.

InnovAge Price Performance

Shares of INNV stock traded up $0.03 during trading hours on Friday, hitting $9.55. 460,862 shares of the company’s stock were exchanged, compared to its average volume of 377,296. The company has a market capitalization of $1.30 billion, a PE ratio of -477.50 and a beta of 0.15. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. InnovAge Holding Corp. has a 12-month low of $3.93 and a 12-month high of $12.64. The business’s 50 day simple moving average is $10.03 and its 200-day simple moving average is $9.56.

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 analysts’ consensus estimates of $0.07 by ($0.01). The business had revenue of $261.95 million during 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%. On average, equities research analysts anticipate that InnovAge Holding Corp. will post 0.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

INNV has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. KeyCorp boosted their target price on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Wednesday, September 9th. Finally, Wall Street Zen cut InnovAge from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 18th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, InnovAge has an average rating of “Reduce” and an average price target of $10.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of InnovAge in the second quarter worth $17,652,000. Algert Global LLC raised its holdings in InnovAge by 844.1% during the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company’s stock valued at $7,472,000 after buying an additional 563,735 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in InnovAge during the 1st quarter valued at $4,250,000. Arrowstreet Capital Limited Partnership purchased a new stake in InnovAge during the 1st quarter valued at $3,349,000. Finally, Inspire Investing LLC purchased a new stake in InnovAge during the 1st quarter valued at $1,591,000. Institutional investors own 12.26% of the company’s stock.

About InnovAge

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.