InnovAge (NASDAQ:INNV) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of InnovAge (NASDAQ:INNV) from a strong-buy rating to a buy rating in a research note published on Sunday,Wall Street Zen reports.

A number of other equities analysts have also recently weighed in on INNV. KeyCorp raised their price objective on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, August 13th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $10.50.

InnovAge Stock Up 3.0%

Shares of NASDAQ:INNV opened at $9.15 on Friday. InnovAge has a 52-week low of $3.93 and a 52-week high of $12.64. The firm has a fifty day moving average of $10.07 and a 200 day moving average of $9.54. 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 released its quarterly 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 net margin of 0.26% and a negative return on equity of 1.03%. The firm had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $238.33 million. Sell-side analysts forecast that InnovAge will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of InnovAge stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $9.25, for a total value of $92,500,000.00. Following the transaction, the insider directly owned 102,576,555 shares of the company’s stock, valued at $948,833,133.75. The trade was a 8.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicole Damato sold 23,814 shares of InnovAge stock in a transaction 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 completion of the transaction, the insider directly owned 304,897 shares in the company, valued at approximately $2,652,603.90. The trade was a 7.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On InnovAge

Several institutional investors have recently added to or reduced their stakes in INNV. BlackRock Inc. purchased a new stake in shares of InnovAge during the second quarter worth about $17,652,000. Algert Global LLC grew its stake in shares of InnovAge by 844.1% in the second quarter. Algert Global LLC now owns 630,520 shares of the company’s stock worth $7,472,000 after purchasing an additional 563,735 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of InnovAge in the first quarter worth about $4,250,000. Arrowstreet Capital Limited Partnership purchased a new position in InnovAge during the 1st quarter valued at about $3,349,000. Finally, Inspire Investing LLC purchased a new position in InnovAge during the 1st quarter valued at about $1,591,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.