InnovAge Holding Corp. (NASDAQ:INNV) Sees Significant Growth in Short Interest

InnovAge Holding Corp. (NASDAQ:INNV) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 2,665,762 shares, an increase of 127.3% from the September 15th total of 1,172,680 shares. Based on an average daily volume of 1,124,688 shares, the days-to-cover ratio is currently 2.4 days. Approximately 2.0% of the company’s stock are sold short.

Insider Buying and Selling at InnovAge

In related news, insider Nicole Damato sold 23,814 shares of InnovAge stock in a transaction on Friday, September 25th. The shares were sold at an average price of $8.70, for a total value of $207,181.80. Following the completion of the sale, the insider owned 304,897 shares of the company’s stock, valued at approximately $2,652,603.90. The trade was a 7.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $92,500,000.00. Following the completion of the sale, the insider directly owned 102,576,555 shares of the company’s stock, valued at approximately $948,833,133.75. The trade was a 8.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in InnovAge during the 2nd quarter worth $17,652,000. Algert Global LLC boosted its holdings in InnovAge by 844.1% during the second quarter. Algert Global LLC now owns 630,520 shares of the company’s stock valued at $7,472,000 after acquiring an additional 563,735 shares during the period. Hillsdale Investment Management Inc. bought a new stake in InnovAge during the first quarter valued at about $4,250,000. Arrowstreet Capital Limited Partnership bought a new stake in InnovAge during the first quarter valued at about $3,349,000. Finally, Renaissance Technologies LLC grew its position in shares of InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after purchasing an additional 186,117 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. Wall Street Zen raised InnovAge from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, KeyCorp boosted their price target on InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $10.50.

InnovAge Stock Performance

InnovAge stock traded up $0.06 during trading hours on Wednesday, reaching $9.08. 357,538 shares of the company were exchanged, compared to its average volume of 365,668. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -454.00 and a beta of 0.15. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average of $10.26 and a 200 day moving average of $9.50. InnovAge has a 12 month low of $3.93 and a 12 month high of $12.64.

InnovAge (NASDAQ:INNV) last released 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). 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 during the quarter, compared to the consensus estimate of $238.33 million. As a group, research analysts anticipate that InnovAge will post 0.43 earnings per share for the current year.

About InnovAge

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.