InnovAge Holding Corp. (NASDAQ:INNV) Stock Short Interest Report for October

InnovAge Holding Corp. (NASDAQ:INNV) saw a large decline in short interest during the month of 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. Currently, 0.8% of the shares of the company are sold short. Based on an average daily trading volume, of 555,648 shares, the days-to-cover ratio is currently 2.1 days.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. KeyCorp boosted their target price on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research note 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 reissued a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. One equities 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 stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $10.50.

InnovAge Stock Performance

Shares of INNV stock traded down $0.05 during trading on Friday, reaching $9.19. 592,950 shares of the company’s stock traded hands, compared to its average volume of 602,822. The company has a market capitalization of $1.25 billion, a P/E ratio of -459.50 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 firm’s 50-day moving average is $9.84 and its 200 day moving average is $9.04. InnovAge has a 1 year low of $3.93 and a 1 year high of $12.64.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share 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 business had revenue of $261.95 million during the quarter, compared to analysts’ expectations of $238.33 million. Equities research analysts expect that InnovAge will post 0.43 EPS for the current year.

Insider Activity at InnovAge

In other InnovAge news, major shareholder Carson Anderson & Stow Welsh sold 1,500,000 shares of the business’s stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $9.25, for a total value of $13,875,000.00. Following the transaction, the insider directly owned 101,076,555 shares in the company, valued at $934,958,133.75. The trade was a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicole Damato sold 23,814 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $8.70, for a total transaction of $207,181.80. Following 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 13,027,216 shares of company stock worth $120,489,535. 1.00% of the stock is owned by company insiders.

Institutional Trading of InnovAge

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arlington Capital Management INC boosted its position in shares of InnovAge by 5.2% in the third quarter. Arlington Capital Management INC now owns 31,244 shares of the company’s stock valued at $275,000 after acquiring an additional 1,546 shares during the period. State of Wyoming purchased a new position in InnovAge during the third quarter valued at approximately $496,000. Argent Capital Management LLC bought a new stake in InnovAge during the 3rd quarter worth approximately $652,000. Arlington Capital Management Inc. bought a new stake in InnovAge during the 2nd quarter worth approximately $352,000. Finally, NewEdge Advisors LLC purchased a new stake in InnovAge in the 2nd quarter worth approximately $142,000. 12.26% of the stock is currently owned by institutional investors.

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.