InnovAge Holding Corp. (NASDAQ:INNV) Shares Shorted: Short Interest Down 57.0% in October

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a significant decrease in short interest in October. As of October 15th, there was short interest totaling 1,146,271 shares, a decrease of 57.0% from the September 30th total of 2,665,762 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily volume of 555,648 shares, the short-interest ratio is presently 2.1 days.

Analyst Ratings Changes

INNV has been the subject of several recent research reports. Wall Street Zen lowered InnovAge from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 18th. KeyCorp raised their price objective on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. Finally, Weiss Ratings reiterated 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 assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $10.50.

Insider Transactions at InnovAge

In other news, major shareholder Aggregator Lp Ignite sold 1,500,000 shares of the company’s stock in a transaction dated 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 sale, the insider directly owned 101,076,555 shares in the company, valued at approximately $934,958,133.75. This represents a 1.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the business’s stock in a transaction 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. This trade represents a 1.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,027,216 shares of company stock valued at $120,489,535 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On InnovAge

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in InnovAge in the 2nd quarter valued at about $17,652,000. Algert Global LLC increased its holdings in shares of InnovAge by 844.1% during the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company’s stock worth $7,472,000 after buying an additional 563,735 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of InnovAge during the 1st quarter valued at approximately $4,250,000. Arrowstreet Capital Limited Partnership acquired a new position in InnovAge in the first quarter valued at approximately $3,349,000. Finally, Renaissance Technologies LLC lifted its holdings in InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after acquiring an additional 186,117 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Stock Performance

Shares of NASDAQ INNV traded down $0.05 during trading on Friday, reaching $9.19. 592,950 shares of the company traded hands, compared to its average volume of 379,341. The stock has a market cap of $1.25 billion, a P/E ratio of -459.50 and a beta of 0.15. The firm’s fifty day simple moving average is $9.87 and its 200 day simple moving average is $9.02. 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 has a 12-month low of $3.93 and a 12-month high of $12.64.

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

InnovAge Company Profile

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.