InnovAge (NASDAQ:INNV) Sees Large Volume Increase – Here’s What Happened

Shares of InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-strong trading volume on Thursday. 907,741 shares changed hands during mid-day 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.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on INNV shares. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, August 13th. Wall Street Zen raised shares of InnovAge from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, KeyCorp lifted their price objective 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. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, InnovAge has a consensus rating of “Reduce” and a consensus target price of $10.50.

InnovAge Stock Down 0.1%

The firm has a market capitalization of $1.24 billion, a PE ratio of -455.00 and a beta of 0.15. The business’s 50 day simple moving average is $10.34 and its 200 day simple moving average is $9.47. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23.

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 return on equity of 1.03% and a negative net margin of 0.26%. The business had revenue of $261.95 million during the quarter, compared to the consensus estimate of $238.33 million. On average, equities research analysts forecast that InnovAge Holding Corp. will post 0.43 earnings per share for the current year.

Insider Activity at InnovAge

In other InnovAge news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 102,576,555 shares in the company, valued at $948,833,133.75. This represents a 8.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Nicole Damato sold 23,814 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The shares were 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 approximately $2,652,603.90. This trade represents a 7.24% decrease in their ownership of the stock. 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. Insiders own 1.00% of the company’s stock.

Institutional Trading of InnovAge

A number of institutional investors have recently bought and sold shares of INNV. BlackRock Inc. bought a new stake in shares of InnovAge in the 2nd quarter worth about $17,652,000. Algert Global LLC grew its holdings in 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 purchasing an additional 563,735 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in InnovAge during the 1st quarter valued at about $4,250,000. Arrowstreet Capital Limited Partnership purchased a new stake in InnovAge in the 1st quarter worth about $3,349,000. Finally, Inspire Investing LLC purchased a new stake in InnovAge in the 1st quarter worth about $1,591,000. 12.26% of the stock is currently owned by institutional investors.

InnovAge Company Profile

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.