InnovAge (NASDAQ:INNV) Share Price Crosses Below 200-Day Moving Average – What’s Next?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $9.05 and traded as low as $8.85. InnovAge shares last traded at $8.92, with a volume of 535,206 shares.

Analysts Set New Price Targets

Several research analysts have commented on INNV shares. KeyCorp increased their price objective on shares of InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. Finally, Wall Street Zen cut 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 assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, InnovAge has a consensus rating of “Reduce” and a consensus price target of $10.50.

InnovAge Stock Down 2.9%

The firm has a market capitalization of $1.22 billion, a PE ratio of -446.00 and a beta of 0.15. The company has a fifty day moving average price of $9.80 and a 200-day moving average price of $9.05. 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 (NASDAQ:INNV) last posted its earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share 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 during the quarter, compared to analysts’ expectations of $238.33 million. As a group, analysts expect that InnovAge Holding Corp. will post 0.43 earnings per share for the current year.

Insider Buying and Selling at InnovAge

In other news, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the business’s stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $9.25, for a total value of $13,875,000.00. Following the sale, the insider directly owned 101,076,555 shares in the company, valued at $934,958,133.75. The trade was a 1.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the business’s stock in a transaction dated Thursday, September 24th. The stock was 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 in the company, valued at approximately $948,833,133.75. This trade represents a 8.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,027,216 shares of company stock worth $120,489,535 over the last 90 days. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On InnovAge

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in InnovAge during the second quarter valued at approximately $17,652,000. Algert Global LLC boosted its holdings in shares of InnovAge by 844.1% in the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company’s stock worth $7,472,000 after purchasing an additional 563,735 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of InnovAge in the 1st quarter worth approximately $4,250,000. Arrowstreet Capital Limited Partnership bought a new position in shares of InnovAge during the 1st quarter valued at approximately $3,349,000. Finally, Dimensional Fund Advisors LP increased its position in shares of InnovAge by 383.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 236,485 shares of the company’s stock valued at $1,896,000 after purchasing an additional 187,567 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

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.