InnovAge (NASDAQ:INNV) Stock Lifted to “Strong-Buy” by Wall Street Zen

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

Several other equities research analysts have also issued reports on INNV. KeyCorp lifted their price target 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. Weiss Ratings raised shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.50.

InnovAge Price Performance

Shares of INNV opened at $8.97 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.20. InnovAge has a twelve month low of $4.53 and a twelve month high of $12.64. The stock has a market capitalization of $1.22 billion, a P/E ratio of 149.50 and a beta of 0.16. The company has a 50 day moving average of $9.65 and a 200-day moving average of $9.12.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. InnovAge had a net margin of 0.88% and a return on equity of 3.63%. The business had revenue of $264.76 million for the quarter, compared to analyst estimates of $257.23 million. As a group, equities research analysts forecast that InnovAge will post 0.44 EPS for the current fiscal year.

Insider Activity at InnovAge

In other InnovAge news, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the company’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 sale, the insider directly owned 101,076,555 shares of the company’s stock, valued at approximately $934,958,133.75. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 completion of the sale, the insider owned 102,576,555 shares of the company’s stock, valued at approximately $948,833,133.75. This represents a 8.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 13,027,216 shares of company stock valued at $120,489,535. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of INNV. Legal & General Group Plc acquired a new stake in InnovAge in the 2nd quarter valued at about $25,000. NewEdge Advisors LLC bought a new position in InnovAge during the second quarter worth about $142,000. Virtus Advisers LLC acquired a new position in InnovAge during the second quarter worth approximately $207,000. Corient Private Wealth LP acquired a new position in InnovAge during the second quarter worth approximately $217,000. Finally, Deutsche Bank AG bought a new stake in InnovAge in the second quarter valued at approximately $259,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.