InnovAge Holding Corp. (NASDAQ:INNV – Get Free Report) shares saw unusually-high trading volume on Thursday. Approximately 907,741 shares were traded during trading, an increase of 149% from the previous session’s volume of 364,258 shares. The stock last traded at $9.04 and had previously closed at $9.13.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on INNV shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. KeyCorp lifted their price objective on InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Wednesday, September 9th. Finally, Wall Street Zen lowered InnovAge from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 20th. 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. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $10.50.
Get Our Latest Report on InnovAge
InnovAge Stock Performance
InnovAge (NASDAQ:INNV – Get Free Report) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The firm had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. As a group, equities analysts predict that InnovAge Holding Corp. will post 0.43 earnings per share for the current year.
Insider Buying and Selling
In other InnovAge news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the stock in a transaction on 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 transaction, the insider owned 102,576,555 shares of the company’s stock, valued at $948,833,133.75. This represents a 8.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Nicole Damato sold 23,814 shares of the firm’s stock in a transaction 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 sale, the insider owned 304,897 shares in the company, valued at $2,652,603.90. This trade represents a 7.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.00% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On InnovAge
Several large investors have recently added to or reduced their stakes in INNV. Argent Capital Management LLC purchased a new position in InnovAge during the third quarter worth about $652,000. Arlington Capital Management Inc. purchased a new stake in InnovAge in the 2nd quarter valued at about $352,000. NewEdge Advisors LLC acquired a new position in shares of InnovAge during the 2nd quarter valued at about $142,000. Corient Private Wealth LP acquired a new position in shares of InnovAge during the 2nd quarter valued at about $218,000. Finally, Bank of America Corp DE purchased a new position in shares of InnovAge during the 2nd quarter worth about $354,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.
About InnovAge
InnovAge (NASDAQ: INNV) is a healthcare company that provides comprehensive care and support services to 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 while receiving coordinated medical, behavioral, rehabilitation and social services.
The company operates PACE centers that combine primary and specialty medical care, nursing, therapy, pharmacy services, transportation, meals and social activities.
Featured Stories
- Five stocks we like better than InnovAge
- These 3 ETFs Could Benefit From the Parts of Inflation That Won’t Go Away
- Why Light Is the New AI Bottleneck—And 3 Photonics Stocks to Play It
- Nasdaq’s Business Is Outrunning Its Stock
- Only 20 Stocks Are Holding Up the Market: 3 Bargains Outside AI
Receive News & Ratings for InnovAge Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InnovAge and related companies with MarketBeat.com's FREE daily email newsletter.
