Inovalon (NASDAQ:INOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Inovalon Holdings, Inc. is a technology company which provides cloud-based data analytics and data-driven intervention platforms for healthcare sector. The company operates through IT and services group. IT operations group manages the process steps from data receipt through to the generation of analytical outputs and services operations group manages the process steps applied to achieve impact through its data-driven intervention platforms. It serves health plans, hospitals, physicians, patients, pharmaceutical companies and researchers. Inovalon Holdings, Inc. is headquartered in Bowie, Maryland. “
A number of other equities analysts have also commented on INOV. BidaskClub lowered Inovalon from a “hold” rating to a “sell” rating in a research note on Saturday, December 2nd. KeyCorp reissued a “hold” rating on shares of Inovalon in a research note on Tuesday, September 12th. ValuEngine raised Inovalon from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. TheStreet raised Inovalon from a “d+” rating to a “c-” rating in a research note on Thursday, October 5th. Finally, Morgan Stanley raised Inovalon from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $9.00 to $14.00 in a research note on Tuesday, September 12th. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $12.00.
Shares of Inovalon (INOV) traded up $0.50 during trading hours on Wednesday, reaching $15.00. The company’s stock had a trading volume of 483,500 shares, compared to its average volume of 522,067. Inovalon has a 52-week low of $10.25 and a 52-week high of $17.80. The company has a market capitalization of $2,115.14, a PE ratio of 125.01, a price-to-earnings-growth ratio of 3.54 and a beta of 1.23. The company has a quick ratio of 5.62, a current ratio of 5.62 and a debt-to-equity ratio of 0.31.
Inovalon (NASDAQ:INOV) last announced its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Inovalon had a return on equity of 4.63% and a net margin of 4.07%. The firm had revenue of $115.90 million for the quarter, compared to analysts’ expectations of $114.79 million. During the same period in the prior year, the business posted $0.10 earnings per share. The business’s revenue was up 10.4% compared to the same quarter last year. equities research analysts forecast that Inovalon will post 0.24 earnings per share for the current fiscal year.
In other news, insider Shauna L. Vernal sold 5,908 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $16.01, for a total transaction of $94,587.08. Following the transaction, the insider now owns 47,309 shares of the company’s stock, valued at $757,417.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Robert A. Wychulis sold 85,828 shares of the company’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $15.54, for a total value of $1,333,767.12. Following the transaction, the president now directly owns 466,286 shares in the company, valued at approximately $7,246,084.44. The disclosure for this sale can be found here. 48.28% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. TIAA CREF Investment Management LLC lifted its stake in shares of Inovalon by 40.1% during the second quarter. TIAA CREF Investment Management LLC now owns 191,994 shares of the technology company’s stock valued at $2,525,000 after acquiring an additional 54,955 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in shares of Inovalon by 93.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 290,293 shares of the technology company’s stock valued at $3,818,000 after acquiring an additional 140,566 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Inovalon by 9.9% during the second quarter. Bank of New York Mellon Corp now owns 344,848 shares of the technology company’s stock valued at $4,535,000 after acquiring an additional 30,922 shares during the period. Tributary Capital Management LLC lifted its stake in shares of Inovalon by 93.3% during the third quarter. Tributary Capital Management LLC now owns 92,400 shares of the technology company’s stock valued at $1,575,000 after acquiring an additional 44,600 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Inovalon by 163.3% during the second quarter. Alliancebernstein L.P. now owns 102,500 shares of the technology company’s stock valued at $1,348,000 after acquiring an additional 63,578 shares during the period. 28.08% of the stock is currently owned by institutional investors and hedge funds.
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Inovalon Company Profile
Inovalon Holdings, Inc (Inovalon) is a technology company. The Company provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models to the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary data sets, advanced analytics, data-driven intervention systems, and subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem.
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