InnovAge (NASDAQ:INNV) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of InnovAge (NASDAQ:INNV) from a buy rating to a strong-buy rating in a research note published on Saturday morning,Wall Street Zen reports.

INNV has been the topic of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. KeyCorp boosted their target price on shares of InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Wednesday, September 9th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $10.50.

InnovAge Stock Performance

NASDAQ:INNV opened at $9.15 on Friday. The stock has a 50-day moving average price of $10.30 and a 200 day moving average price of $9.49. The stock has a market capitalization of $1.25 billion, a P/E ratio of -457.50 and a beta of 0.15. InnovAge has a 12-month low of $3.93 and a 12-month high of $12.64. 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 (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. The business had revenue of $261.95 million during the quarter, compared to analysts’ expectations of $238.33 million. Equities research analysts forecast that InnovAge will post 0.43 EPS for the current fiscal year.

Insider Transactions at InnovAge

In other news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of InnovAge stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $9.25, for a total value of $92,500,000.00. Following the sale, the insider directly owned 102,576,555 shares of the company’s stock, valued at approximately $948,833,133.75. The trade was a 8.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicole Damato sold 23,814 shares of the business’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $8.70, for a total value of $207,181.80. Following the completion of 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 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. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On InnovAge

Several institutional investors have recently added to or reduced their stakes in INNV. Argent Capital Management LLC bought a new stake in InnovAge in the 3rd quarter worth approximately $652,000. Arlington Capital Management Inc. purchased a new stake in shares of InnovAge during the 2nd quarter worth approximately $352,000. NewEdge Advisors LLC purchased a new stake in shares of InnovAge during the 2nd quarter worth approximately $142,000. Corient Private Wealth LP bought a new position in shares of InnovAge during the 2nd quarter valued at approximately $218,000. Finally, Bank of America Corp DE bought a new position in shares of InnovAge during the 2nd quarter valued at approximately $354,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.