InnovAge (NASDAQ:INNV) Upgraded at Wall Street Zen

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

Several other brokerages have also recently issued reports on INNV. KeyCorp raised their target price on shares of InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Wednesday, September 9th. Weiss Ratings upgraded shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, November 4th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $10.50.

InnovAge Stock Performance

INNV opened at $9.21 on Friday. InnovAge has a 12-month low of $4.65 and a 12-month high of $12.64. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.26 billion, a PE ratio of 153.50 and a beta of 0.16. The firm has a 50 day moving average of $9.62 and a two-hundred day moving average of $9.14.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. The business had revenue of $264.76 million during the quarter, compared to analysts’ expectations of $257.23 million. InnovAge had a net margin of 0.88% and a return on equity of 3.63%. On average, analysts anticipate that InnovAge will post 0.44 EPS for the current year.

Insider Activity

In related news, insider Nicole Damato sold 23,814 shares of the stock in a transaction on Friday, September 25th. The shares were sold at an average price of $8.70, for a total transaction of $207,181.80. Following the sale, the insider directly owned 304,897 shares of the company’s stock, valued at approximately $2,652,603.90. This represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the stock in a transaction on Wednesday, October 21st. The stock was 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 in the company, valued at $934,958,133.75. This trade represents a 1.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,027,216 shares of company stock valued at $120,489,535 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of InnovAge during the 2nd quarter worth about $17,652,000. Algert Global LLC grew its position in shares of InnovAge by 844.1% during the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company’s stock valued at $7,472,000 after acquiring an additional 563,735 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in shares of InnovAge during the 1st quarter valued at about $4,250,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of InnovAge in the 1st quarter valued at about $3,349,000. Finally, Renaissance Technologies LLC increased its stake in shares of InnovAge by 100.8% in the 1st quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after purchasing an additional 186,117 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Company Profile

InnovAge, Inc provides integrated healthcare and social services to older adults through the Program of All-Inclusive Care for the Elderly (PACE). The program serves people who qualify for nursing-home-level care but can continue living in their communities with coordinated support.

InnovAge’s services include primary and specialty care coordination, nursing, rehabilitation, social services, prescription medications, transportation, in-home assistance and adult day health services. Care is coordinated by interdisciplinary teams and delivered through a combination of community-based centers and support at home.

The company operates PACE programs in Colorado, California, New Mexico, Pennsylvania and Virginia.