InnovAge’s (OTCMKTS:INNV) quiet period will end on Tuesday, April 13th. InnovAge had issued 16,666,667 shares in its initial public offering on March 4th. The total size of the offering was $350,000,007 based on an initial share price of $21.00. During InnovAge’s quiet period, insiders and underwriters that worked on the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
INNV has been the subject of a number of analyst reports. Citigroup initiated coverage on InnovAge in a research report on Monday, March 29th. They set a “buy” rating and a $30.00 price objective for the company. The Goldman Sachs Group started coverage on shares of InnovAge in a report on Monday, March 29th. They issued a “buy” rating and a $32.00 price objective on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell assumed coverage on shares of InnovAge in a research note on Monday, March 29th. They set a “buy” rating and a $30.00 target price for the company. Barclays began coverage on InnovAge in a research note on Monday, March 29th. They issued an “equal weight” rating and a $26.00 price target on the stock. Finally, William Blair assumed coverage on InnovAge in a research report on Monday, March 29th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $29.80.
OTCMKTS INNV opened at $24.02 on Thursday. The company has a fifty day moving average of $17.17 and a two-hundred day moving average of $5.22. The company has a market capitalization of $3.20 billion, a PE ratio of -7.35 and a beta of 2.10. InnovAge has a 1 year low of $20.86 and a 1 year high of $27.18. The company has a debt-to-equity ratio of 13.78, a current ratio of 0.50 and a quick ratio of 0.30.
In other InnovAge news, Director Edward Moore Jr. Kennedy acquired 23,000 shares of the company’s stock in a transaction on Monday, March 8th. The shares were bought at an average cost of $21.00 per share, for a total transaction of $483,000.00. Following the completion of the purchase, the director now owns 23,000 shares in the company, valued at approximately $483,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Maureen Hewitt bought 9,350 shares of InnovAge stock in a transaction dated Friday, March 12th. The stock was acquired at an average cost of $26.62 per share, with a total value of $248,897.00. The disclosure for this purchase can be found here. 12.84% of the stock is owned by corporate insiders.
InnovAge Company Profile
InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, dental, mental health and psychiatric, meals, and activities, as well as physical, occupational, and speech therapy; transportation to the PACE center and third-party medical appointments; and care management.
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