Inovalon (INOV) Hits New 12-Month High at $14.87

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Inovalon Holdings Inc (NASDAQ:INOV) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $14.87 and last traded at $14.66, with a volume of 16810 shares changing hands. The stock had previously closed at $14.34.

INOV has been the subject of a number of recent research reports. BidaskClub upgraded shares of Inovalon from a “hold” rating to a “buy” rating in a research note on Saturday, October 13th. ValuEngine upgraded shares of Inovalon from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Morgan Stanley upgraded shares of Inovalon from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $10.00 to $13.00 in a research note on Thursday, December 20th. Wells Fargo & Co reduced their price objective on shares of Inovalon from $14.00 to $11.00 and set a “market perform” rating for the company in a research note on Thursday, November 8th. Finally, Zacks Investment Research cut shares of Inovalon from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $13.33.

The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $2.16 billion, a PE ratio of 63.65, a price-to-earnings-growth ratio of 3.37 and a beta of 0.77.

Inovalon (NASDAQ:INOV) last issued its earnings results on Wednesday, November 7th. The technology company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Inovalon had a negative net margin of 2.12% and a positive return on equity of 4.12%. The business had revenue of $145.81 million during the quarter, compared to analyst estimates of $159.53 million. During the same quarter in the prior year, the company earned $0.09 EPS. Inovalon’s revenue for the quarter was up 25.9% on a year-over-year basis. Sell-side analysts forecast that Inovalon Holdings Inc will post 0.22 earnings per share for the current fiscal year.

In related news, COO Jason Capitel acquired 20,000 shares of the company’s stock in a transaction on Tuesday, November 13th. The stock was purchased at an average cost of $11.06 per share, for a total transaction of $221,200.00. Following the completion of the purchase, the chief operating officer now directly owns 357,833 shares of the company’s stock, valued at approximately $3,957,632.98. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 50.93% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. bought a new position in shares of Inovalon during the 3rd quarter valued at about $108,000. California Public Employees Retirement System boosted its position in shares of Inovalon by 93.0% in the 2nd quarter. California Public Employees Retirement System now owns 19,489 shares of the technology company’s stock worth $193,000 after purchasing an additional 9,389 shares in the last quarter. Jefferies Group LLC lifted its holdings in shares of Inovalon by 29.9% during the 3rd quarter. Jefferies Group LLC now owns 30,981 shares of the technology company’s stock valued at $311,000 after buying an additional 7,124 shares during the period. MetLife Investment Advisors LLC lifted its holdings in shares of Inovalon by 55.7% during the 3rd quarter. MetLife Investment Advisors LLC now owns 46,675 shares of the technology company’s stock valued at $469,000 after buying an additional 16,703 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Inovalon by 11.2% during the 2nd quarter. Rhumbline Advisers now owns 63,533 shares of the technology company’s stock valued at $631,000 after buying an additional 6,380 shares during the period. Hedge funds and other institutional investors own 32.83% of the company’s stock.

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About Inovalon (NASDAQ:INOV)

Inovalon Holdings, Inc, a technology company, provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models in the healthcare industry. The company's platform enables the assessment and enhancement of clinical and quality outcomes and financial performance.

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