Inovalon (NASDAQ:INOV) Downgraded to Hold at Zacks Investment Research

Inovalon (NASDAQ:INOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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. “

Other equities research analysts have also recently issued research reports about the stock. ValuEngine cut shares of Inovalon from a “hold” rating to a “sell” rating in a research report on Tuesday, October 15th. Morgan Stanley upped their price objective on shares of Inovalon from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. Citigroup started coverage on shares of Inovalon in a research report on Wednesday, October 16th. They set a “buy” rating and a $21.00 price objective for the company. BidaskClub cut shares of Inovalon from a “hold” rating to a “sell” rating in a research report on Tuesday, October 22nd. Finally, SunTrust Banks set a $22.00 price objective on shares of Inovalon and gave the stock a “buy” rating in a research report on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $17.60.

Shares of Inovalon stock opened at $14.26 on Tuesday. The firm has a 50-day moving average of $15.71 and a 200-day moving average of $14.90. The stock has a market cap of $2.22 billion, a PE ratio of 79.22, a PEG ratio of 4.72 and a beta of 0.58. Inovalon has a 52-week low of $9.19 and a 52-week high of $17.80. The company has a debt-to-equity ratio of 1.49, a quick ratio of 2.03 and a current ratio of 2.03.

Inovalon (NASDAQ:INOV) last posted its quarterly earnings data on Wednesday, July 31st. The technology company reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.03. Inovalon had a negative net margin of 2.70% and a positive return on equity of 6.39%. The business had revenue of $156.98 million during the quarter, compared to analysts’ expectations of $155.72 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. Inovalon’s revenue was up 2.7% compared to the same quarter last year. Equities research analysts predict that Inovalon will post 0.38 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. Advisor Group Inc. lifted its holdings in shares of Inovalon by 10.3% in the second quarter. Advisor Group Inc. now owns 8,675 shares of the technology company’s stock worth $125,000 after acquiring an additional 813 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in shares of Inovalon by 2.3% in the second quarter. UBS Asset Management Americas Inc. now owns 45,669 shares of the technology company’s stock worth $663,000 after acquiring an additional 1,017 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of Inovalon by 10.0% in the second quarter. Aperio Group LLC now owns 20,321 shares of the technology company’s stock worth $295,000 after acquiring an additional 1,848 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Inovalon by 24.1% in the second quarter. Bank of Montreal Can now owns 11,819 shares of the technology company’s stock worth $171,000 after acquiring an additional 2,299 shares during the last quarter. Finally, NEXT Financial Group Inc lifted its holdings in shares of Inovalon by 3,748.4% in the third quarter. NEXT Financial Group Inc now owns 2,386 shares of the technology company’s stock worth $39,000 after acquiring an additional 2,324 shares during the last quarter. 32.79% of the stock is owned by hedge funds and other institutional investors.

About Inovalon

Inovalon Holdings, Inc, a technology company, provides cloud-based platforms empowering data-driven healthcare. It operates the Inovalon ONE Platform, a cloud-based platform that interconnect with the healthcare ecosystem to aggregate and analyze data in real-time, as well as empowers the application in resulting insights.

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