InnovAge (NASDAQ:INNV) Stock: Insider Nicole Damato Sells 3,402 Shares

InnovAge Holding Corp. (NASDAQ:INNV) insider Nicole Damato sold 3,402 shares of the firm’s stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $9.51, for a total transaction of $32,353.02. Following the completion of the sale, the insider directly owned 301,495 shares in the company, valued at $2,867,217.45. This represents a 1.12% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nicole Damato also recently made the following trade(s):

• On Friday, September 25th, Nicole Damato sold 23,814 shares of InnovAge stock. The shares were sold at an average price of $8.70, for a total transaction of $207,181.80.

InnovAge Price Performance

InnovAge stock traded down $0.28 during mid-day trading on Monday, hitting $9.27. 260,375 shares of the company traded hands, compared to its average volume of 376,724. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05. InnovAge Holding Corp. has a one year low of $3.93 and a one year high of $12.64. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -463.50 and a beta of 0.15. The stock has a fifty day moving average price of $10.00 and a 200-day moving average price of $9.57.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of InnovAge from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 18th. KeyCorp raised their price target on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. One 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.com, InnovAge has a consensus rating of “Reduce” and an average target price of $10.50.

Hedge Funds Weigh In On InnovAge

Several institutional investors and hedge funds have recently made changes to their positions in the business. Argent Capital Management LLC bought a new stake in shares of InnovAge in the 3rd quarter valued at about $652,000. Arlington Capital Management Inc. bought a new stake in InnovAge in the second quarter valued at approximately $352,000. NewEdge Advisors LLC bought a new stake in InnovAge in the second quarter valued at approximately $142,000. Corient Private Wealth LP purchased a new stake in shares of InnovAge during the second quarter valued at approximately $218,000. Finally, Bank of America Corp DE purchased a new stake in shares of InnovAge during the second quarter valued at approximately $354,000. 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.