Inovalon (NASDAQ:INOV) was downgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a note issued to investors on Wednesday, MarketBeat reports. They currently have a $10.00 price target on the technology company’s stock. Morgan Stanley’s target price points to a potential downside of 10.71% from the company’s current price.
A number of other research analysts also recently weighed in on INOV. ValuEngine downgraded Inovalon from a “hold” rating to a “sell” rating in a research note on Wednesday, March 7th. Zacks Investment Research upgraded Inovalon from a “sell” rating to a “hold” rating in a research note on Wednesday, January 3rd. BidaskClub downgraded Inovalon from a “hold” rating to a “sell” rating in a research note on Saturday, December 2nd. Finally, Wells Fargo & Co restated a “market perform” rating and issued a $14.00 price target (down from $16.00) on shares of Inovalon in a research note on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.00.
Inovalon (NASDAQ INOV) traded down $0.70 during mid-day trading on Wednesday, reaching $11.20. The company’s stock had a trading volume of 1,039,075 shares, compared to its average volume of 599,538. The company has a debt-to-equity ratio of 0.32, a quick ratio of 4.82 and a current ratio of 4.82. The company has a market capitalization of $1,725.60, a P/E ratio of 46.36, a price-to-earnings-growth ratio of 3.41 and a beta of 0.96. Inovalon has a 12-month low of $10.70 and a 12-month high of $17.80.
Inovalon (NASDAQ:INOV) last posted its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.01). The company had revenue of $114.60 million during the quarter, compared to the consensus estimate of $116.83 million. Inovalon had a net margin of 7.51% and a return on equity of 4.79%. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 earnings per share. equities analysts forecast that Inovalon will post 0.25 EPS for the current fiscal year.
In other news, insider Shauna L. Vernal sold 44,270 shares of Inovalon stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $14.00, for a total transaction of $619,780.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 48.28% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Managed Accounts LLC bought a new position in shares of Inovalon during the 4th quarter worth approximately $150,000. Creative Planning bought a new position in shares of Inovalon during the 4th quarter worth approximately $152,000. Teacher Retirement System of Texas bought a new position in shares of Inovalon during the 4th quarter worth approximately $294,000. Macquarie Group Ltd. boosted its stake in shares of Inovalon by 877.8% during the 4th quarter. Macquarie Group Ltd. now owns 26,400 shares of the technology company’s stock worth $396,000 after acquiring an additional 23,700 shares during the period. Finally, Smith Asset Management Group LP bought a new position in shares of Inovalon during the 4th quarter worth approximately $436,000. Institutional investors own 27.92% of the company’s stock.
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Inovalon Company Profile
Inovalon Holdings, Inc (Inovalon) is a technology company. The Company provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models to the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary data sets, advanced analytics, data-driven intervention systems, and subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem.
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