InnovAge Holding Corp. (NASDAQ:INNV) Stock Short Interest Climbs 127.3%

InnovAge Holding Corp. (NASDAQ:INNV) saw a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 2,665,762 shares, a growth of 127.3% from the September 15th total of 1,172,680 shares. Based on an average daily volume of 1,124,688 shares, the short-interest ratio is currently 2.4 days. Currently, 2.0% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several research firms have issued reports on INNV. Weiss Ratings reiterated 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 research report on Saturday, October 10th. Finally, KeyCorp raised their price target on shares of InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $10.50.

Insider Buying and Selling at InnovAge

In other news, insider Nicole Damato sold 23,814 shares of the business’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $8.70, for a total transaction of $207,181.80. Following the transaction, the insider owned 304,897 shares of the company’s stock, valued at approximately $2,652,603.90. The trade was a 7.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of the 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 directly owned 102,576,555 shares in the company, valued at $948,833,133.75. This trade represents a 8.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Legal & General Group Plc acquired a new position in InnovAge in the 2nd quarter valued at about $25,000. Baron Wealth Management LLC acquired a new stake in shares of InnovAge during the 1st quarter worth approximately $104,000. Kathmere Capital Management LLC increased its holdings in shares of InnovAge by 17.0% during the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock worth $125,000 after buying an additional 2,260 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in shares of InnovAge during the 2nd quarter valued at approximately $142,000. Finally, Virtus Advisers LLC purchased a new stake in shares of InnovAge during the 2nd quarter valued at approximately $207,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Stock Performance

Shares of NASDAQ:INNV traded up $0.05 during midday trading on Thursday, reaching $9.13. The company’s stock had a trading volume of 17,295 shares, compared to its average volume of 363,939. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average of $10.22 and a 200 day moving average of $9.51. InnovAge has a twelve month low of $3.93 and a twelve month high of $12.64. The firm has a market capitalization of $1.25 billion, a PE ratio of -457.00 and a beta of 0.15.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share (EPS) 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 company had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. On average, equities analysts expect that InnovAge will post 0.43 EPS for the current fiscal year.

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.