Inovalon Holdings, Inc. (NASDAQ:INOV) Lowered to Hold at BidaskClub
Inovalon Holdings, Inc. (NASDAQ:INOV) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
INOV has been the subject of a number of other reports. Zacks Investment Research cut shares of Inovalon Holdings from a “buy” rating to a “hold” rating in a research report on Friday, May 5th. Robert W. Baird reiterated a “neutral” rating and issued a $12.00 target price (up from $11.00) on shares of Inovalon Holdings in a research report on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $15.17.
Inovalon Holdings (NASDAQ INOV) opened at 13.05 on Friday. The firm has a 50 day moving average of $13.09 and a 200-day moving average of $12.59. The stock has a market capitalization of $1.90 billion, a PE ratio of 109.66 and a beta of 1.19. Inovalon Holdings has a 52 week low of $8.60 and a 52 week high of $16.64.
Inovalon Holdings (NASDAQ:INOV) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.01. The business had revenue of $110.60 million during the quarter, compared to analysts’ expectations of $108.73 million. Inovalon Holdings had a net margin of 4.13% and a return on equity of 5.17%. The company’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 earnings per share. On average, equities analysts predict that Inovalon Holdings will post $0.31 EPS for the current year.
In related news, insider Shauna L. Vernal sold 19,332 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $13.60, for a total transaction of $262,915.20. Following the completion of the sale, the insider now directly owns 66,261 shares in the company, valued at $901,149.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 48.28% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in INOV. Black Creek Investment Management Inc. boosted its stake in Inovalon Holdings by 13.6% in the first quarter. Black Creek Investment Management Inc. now owns 9,772,435 shares of the technology company’s stock valued at $123,133,000 after buying an additional 1,171,150 shares during the last quarter. Vanguard Group Inc. boosted its stake in Inovalon Holdings by 3.1% in the second quarter. Vanguard Group Inc. now owns 4,960,754 shares of the technology company’s stock valued at $65,234,000 after buying an additional 151,473 shares during the last quarter. Riverbridge Partners LLC boosted its stake in Inovalon Holdings by 4.3% in the first quarter. Riverbridge Partners LLC now owns 3,217,399 shares of the technology company’s stock valued at $40,539,000 after buying an additional 131,176 shares during the last quarter. FMR LLC boosted its stake in Inovalon Holdings by 6.7% in the first quarter. FMR LLC now owns 2,565,829 shares of the technology company’s stock valued at $32,329,000 after buying an additional 161,500 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in Inovalon Holdings by 183.1% in the first quarter. Neuberger Berman Group LLC now owns 1,938,715 shares of the technology company’s stock valued at $24,428,000 after buying an additional 1,253,887 shares during the last quarter. Hedge funds and other institutional investors own 29.45% of the company’s stock.
About Inovalon Holdings
Inovalon Holdings, Inc (Inovalon) is a technology company. The Company provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models to the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary data sets, advanced analytics, data-driven intervention systems, and subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem.
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