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

InnovAge Holding Corp. (NASDAQ:INNV) major shareholder Aggregator Lp Ignite sold 1,500,000 shares of the stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $9.25, for a total value of $13,875,000.00. Following the completion of the sale, the insider owned 101,076,555 shares of the company’s stock, valued at approximately $934,958,133.75. This trade represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Aggregator Lp Ignite also recently made the following trade(s):

• On Thursday, September 24th, Aggregator Lp Ignite sold 10,000,000 shares of InnovAge stock. The stock was sold at an average price of $9.25, for a total value of $92,500,000.00.

InnovAge Price Performance

Shares of INNV stock opened at $9.55 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -477.50 and a beta of 0.15. The stock’s 50-day simple moving average is $10.00 and its 200-day simple moving average is $9.56. InnovAge Holding Corp. has a fifty-two week low of $3.93 and a fifty-two week high of $12.64.

InnovAge (NASDAQ:INNV) last posted its earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). The company had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. As a group, equities analysts forecast that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On InnovAge

Several large investors have recently added to or reduced their stakes in INNV. Legal & General Group Plc acquired a new stake in InnovAge during the 2nd quarter worth approximately $25,000. Kathmere Capital Management LLC boosted its position in InnovAge by 17.0% in the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock valued at $125,000 after buying an additional 2,260 shares during the period. NewEdge Advisors LLC purchased a new position in InnovAge in the 2nd quarter valued at approximately $142,000. Virtus Advisers LLC acquired a new position in shares of InnovAge in the second quarter worth $207,000. Finally, Corient Private Wealth LP acquired a new position in shares of InnovAge in the second quarter worth $217,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.