InnovAge (NASDAQ:INNV) Posts Quarterly Earnings Results, Misses Expectations By $0.23 EPS

InnovAge (NASDAQ:INNV) released its quarterly earnings data on Tuesday. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $257.23 million.

InnovAge Price Performance

Shares of INNV stock traded down $0.07 on Tuesday, reaching $8.85. 698,276 shares of the company were exchanged, compared to its average volume of 380,612. InnovAge has a 1 year low of $3.93 and a 1 year high of $12.64. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05. The business has a 50-day moving average price of $9.80 and a 200 day moving average price of $9.05. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -442.50 and a beta of 0.15.

Insider Activity at InnovAge

In other news, insider Nicole Damato sold 23,814 shares of the firm’s 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 transaction, the insider owned 304,897 shares in the company, valued at $2,652,603.90. This trade represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 firm’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $9.25, for a total value of $92,500,000.00. Following the completion of the transaction, the insider owned 102,576,555 shares in the company, valued at approximately $948,833,133.75. This trade represents a 8.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,027,216 shares of company stock valued at $120,489,535. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

About InnovAge

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.