InnovAge Holding Corp. (NASDAQ:INNV) Stock Short Interest Declines 57.0%

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totaling 1,146,271 shares, a decline of 57.0% from the September 30th total of 2,665,762 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 555,648 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Ratings Changes

INNV has been the topic of several analyst reports. KeyCorp raised their target price on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. Wall Street Zen downgraded shares of InnovAge from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, InnovAge currently has a consensus rating of “Reduce” and a consensus price target of $10.50.

InnovAge Trading Down 0.5%

Shares of InnovAge stock opened at $9.19 on Friday. InnovAge has a 1 year low of $3.93 and a 1 year high of $12.64. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -459.50 and a beta of 0.15. The business has a fifty day simple moving average of $9.84 and a two-hundred day simple moving average of $9.04. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05.

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

Insider Buying and Selling at InnovAge

In related news, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the stock in a transaction dated Wednesday, October 21st. The stock was sold at an average price of $9.25, for a total transaction of $13,875,000.00. Following the transaction, the insider owned 101,076,555 shares of the company’s stock, valued at approximately $934,958,133.75. This represents a 1.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the insider owned 304,897 shares of the company’s stock, valued at approximately $2,652,603.90. This trade represents a 7.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 13,027,216 shares of company stock worth $120,489,535. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of InnovAge

Several large investors have recently modified their holdings of INNV. BlackRock Inc. acquired a new stake in InnovAge in the second quarter valued at approximately $17,652,000. Algert Global LLC boosted its stake in InnovAge by 844.1% in 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 last quarter. Hillsdale Investment Management Inc. purchased a new stake in InnovAge in the 1st quarter worth about $4,250,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of InnovAge during the first quarter worth $3,349,000. Finally, Renaissance Technologies LLC boosted its holdings in InnovAge by 100.8% in the 1st 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 period. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Company Profile

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.