InnovAge (NASDAQ:INNV) Stock: Insider Carson Anderson & Stow Welsh Sells 1,500,000 Shares

InnovAge Holding Corp. (NASDAQ:INNV) major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the firm’s stock in a transaction that occurred 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 directly owned 101,076,555 shares of the company’s stock, valued at $934,958,133.75. This represents a 1.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

InnovAge Trading Up 0.3%

INNV stock traded up $0.03 during mid-day trading on Friday, reaching $9.55. The company’s stock had a trading volume of 460,862 shares, compared to its average volume of 377,296. InnovAge Holding Corp. has a 12 month low of $3.93 and a 12 month high of $12.64. 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 business’s 50 day moving average price is $10.03 and its 200 day moving average price is $9.56. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -477.50 and a beta of 0.15.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. KeyCorp upped their price objective on shares of InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Wall Street Zen downgraded InnovAge from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $10.50.

Institutional Investors Weigh In On InnovAge

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of InnovAge in the 2nd quarter worth about $17,652,000. Algert Global LLC lifted its position in InnovAge by 844.1% in the 2nd 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 in the last quarter. Hillsdale Investment Management Inc. acquired a new position in InnovAge during the 1st quarter valued at about $4,250,000. Arrowstreet Capital Limited Partnership acquired a new position in InnovAge during the 1st quarter valued at about $3,349,000. Finally, Inspire Investing LLC acquired a new position in InnovAge during the 1st quarter valued at about $1,591,000. 12.26% of the stock is owned by 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.