State of Wyoming Buys 56,394 Shares of InnovAge Holding Corp. $INNV

State of Wyoming acquired a new position in InnovAge Holding Corp. (NASDAQ:INNV) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 56,394 shares of the company’s stock, valued at approximately $496,000.

Several other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of InnovAge in the 2nd quarter valued at about $17,652,000. Algert Global LLC raised its stake in shares of InnovAge by 844.1% during the second quarter. Algert Global LLC now owns 630,520 shares of the company’s stock worth $7,472,000 after buying an additional 563,735 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of InnovAge during the first quarter worth approximately $4,250,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of InnovAge during the first quarter worth approximately $3,349,000. Finally, Dimensional Fund Advisors LP lifted its holdings in InnovAge by 383.4% in the first quarter. Dimensional Fund Advisors LP now owns 236,485 shares of the company’s stock valued at $1,896,000 after buying an additional 187,567 shares during the period. Institutional investors own 12.26% of the company’s stock.

Analyst Upgrades and Downgrades

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

InnovAge Price Performance

NASDAQ INNV opened at $8.92 on Tuesday. The firm’s 50 day moving average is $9.80 and its 200-day moving average is $9.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.22 billion, a PE ratio of -446.00 and a beta of 0.15. InnovAge Holding Corp. has a 12-month low of $3.93 and a 12-month high of $12.64.

InnovAge (NASDAQ:INNV) last released 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). The company had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. Equities research analysts anticipate that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Aggregator Lp Ignite sold 10,000,000 shares of InnovAge stock in a transaction on Thursday, September 24th. The stock was 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 owned 102,576,555 shares of the company’s stock, valued at approximately $948,833,133.75. This trade represents a 8.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicole Damato sold 23,814 shares of the business’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $8.70, for a total transaction of $207,181.80. Following the completion of the sale, the insider directly owned 304,897 shares of the company’s stock, valued at $2,652,603.90. This represents a 7.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 13,027,216 shares of company stock valued at $120,489,535. 1.10% of the stock is owned by insiders.

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.