InnovAge Holding Corp. (NASDAQ:INNV) Stock Short Interest Report for September

InnovAge Holding Corp. (NASDAQ:INNV) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 2,665,762 shares, an increase of 127.3% from the September 15th total of 1,172,680 shares. Based on an average daily trading volume, of 1,124,688 shares, the days-to-cover ratio is currently 2.4 days. Currently, 2.0% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on INNV shares. KeyCorp increased 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. Wall Street Zen raised InnovAge from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $10.50.

InnovAge Price Performance

INNV opened at $9.15 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05. InnovAge has a 52-week low of $3.93 and a 52-week high of $12.64. The stock has a market capitalization of $1.25 billion, a PE ratio of -457.50 and a beta of 0.15. The stock’s 50 day moving average price is $10.30 and its 200-day moving average price is $9.49.

InnovAge (NASDAQ:INNV) last announced its 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 net margin of 0.26% and a negative return on equity of 1.03%. The business had revenue of $261.95 million for the quarter, compared to the consensus estimate of $238.33 million. On average, equities research analysts predict that InnovAge will post 0.43 EPS for the current year.

Insiders Place Their Bets

In related news, insider Nicole Damato sold 23,814 shares of the company’s stock in a transaction on Friday, September 25th. The shares were sold at an average price of $8.70, for a total transaction of $207,181.80. Following the completion of the sale, the insider directly owned 304,897 shares in the company, valued at $2,652,603.90. This represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $9.25, for a total transaction of $92,500,000.00. Following the sale, the insider directly owned 102,576,555 shares of the company’s stock, valued at $948,833,133.75. The trade was a 8.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in InnovAge in the 2nd quarter worth $17,652,000. Algert Global LLC boosted its stake in shares of 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 purchasing an additional 563,735 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of InnovAge during the 1st quarter valued at about $4,250,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of InnovAge during the 1st quarter valued at about $3,349,000. Finally, Renaissance Technologies LLC increased its position in shares of InnovAge by 100.8% during the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after buying an additional 186,117 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.