InnovAge (NASDAQ:INNV) Major Shareholder Sells 1,500,000 Shares of Stock

InnovAge Holding Corp. (NASDAQ:INNV) major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the company’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $9.25, for a total value of $13,875,000.00. Following the sale, the insider owned 101,076,555 shares of the company’s stock, valued at $934,958,133.75. This trade represents a 1.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

InnovAge Stock Up 0.3%

NASDAQ INNV traded up $0.03 on Friday, reaching $9.55. The company had a trading volume of 460,862 shares, compared to its average volume of 377,296. The stock has a market capitalization of $1.30 billion, a P/E ratio of -477.50 and a beta of 0.15. The company’s fifty day moving average is $10.03 and its 200 day moving average is $9.56. InnovAge Holding Corp. has a 52-week low of $3.93 and a 52-week high of $12.64. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data 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). 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%. Sell-side analysts anticipate that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on INNV shares. Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. Wall Street Zen downgraded shares of InnovAge from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 18th. Finally, KeyCorp increased their price objective on shares of InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Wednesday, September 9th. One 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $10.50.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of INNV. BlackRock Inc. purchased a new stake in shares of InnovAge during the 2nd quarter valued at $17,652,000. Algert Global LLC raised its stake in shares of InnovAge by 844.1% during the 2nd 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 period. Hillsdale Investment Management Inc. purchased a new position in shares of InnovAge in the 1st quarter worth about $4,250,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of InnovAge in the 1st quarter worth about $3,349,000. Finally, Inspire Investing LLC bought a new position in InnovAge during the first quarter valued at about $1,591,000. Institutional investors own 12.26% of the company’s stock.

About InnovAge

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.