InnovAge (NASDAQ:INNV) Issues Earnings Results, Misses Estimates By $0.23 EPS

InnovAge (NASDAQ:INNV) posted its quarterly earnings results on Tuesday. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.23), FiscalAI reports. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. The business had revenue of $264.76 million during the quarter, compared to the consensus estimate of $257.23 million.

InnovAge Price Performance

Shares of NASDAQ:INNV traded down $0.07 during mid-day trading on Tuesday, reaching $8.85. The stock had a trading volume of 698,276 shares, compared to its average volume of 380,054. The business’s 50 day moving average price is $9.80 and its 200 day moving average price is $9.05. InnovAge has a 1 year low of $3.93 and a 1 year high of $12.64. The company has a market cap of $1.21 billion, a P/E ratio of -442.50 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.

Insider Buying and Selling at InnovAge

In other InnovAge news, insider Nicole Damato sold 23,814 shares of InnovAge 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 of the company’s stock, valued at $2,652,603.90. The trade was a 7.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of InnovAge stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $9.25, for a total value of $13,875,000.00. Following the completion of the sale, the insider directly owned 101,076,555 shares in the company, valued at approximately $934,958,133.75. The trade was a 1.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,027,216 shares of company stock worth $120,489,535 in the last quarter. 1.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.