State of Wyoming bought a new stake in shares of InnovAge Holding Corp. (NASDAQ:INNV – Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 56,394 shares of the company’s stock, valued at approximately $496,000.
Other large investors have also bought and sold shares of the company. Argent Capital Management LLC acquired a new stake in InnovAge in the 3rd quarter valued at about $652,000. Arlington Capital Management Inc. bought a new stake in shares of InnovAge in the 2nd quarter worth approximately $352,000. NewEdge Advisors LLC bought a new stake in shares of InnovAge in the 2nd quarter worth approximately $142,000. Corient Private Wealth LP bought a new stake in shares of InnovAge in the 2nd quarter worth approximately $218,000. Finally, Bank of America Corp DE acquired a new stake in InnovAge during the second quarter valued at approximately $354,000. Institutional investors own 12.26% of the company’s stock.
Insider Transactions at InnovAge
In related news, insider Nicole Damato sold 23,814 shares of the company’s 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 completion of the transaction, the insider directly owned 304,897 shares in the company, valued at $2,652,603.90. This represents a 7.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 company’s stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $9.25, for a total transaction of $13,875,000.00. Following the transaction, the insider directly owned 101,076,555 shares of the company’s stock, valued at $934,958,133.75. This represents a 1.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 13,027,216 shares of company stock worth $120,489,535. Company insiders own 1.10% of the company’s stock.
InnovAge Price Performance
Shares of NASDAQ:INNV opened at $8.92 on Tuesday. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -446.00 and a beta of 0.15. InnovAge Holding Corp. has a 1 year low of $3.93 and a 1 year high of $12.64. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $9.80 and a 200 day simple moving average of $9.05.
InnovAge (NASDAQ:INNV – Get Free Report) last issued its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $238.33 million. As a group, sell-side analysts predict that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of analysts recently weighed in on INNV shares. 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 reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. Finally, Wall Street Zen downgraded InnovAge from a “strong-buy” rating to a “buy” rating in a research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $10.50.
Read Our Latest Research Report on INNV
InnovAge Company Profile
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.
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