BidaskClub Downgrades Inovalon (INOV) to Hold

BidaskClub lowered shares of Inovalon (NASDAQ:INOV) from a buy rating to a hold rating in a research report sent to investors on Tuesday, BidAskClub reports.

A number of other brokerages also recently weighed in on INOV. SunTrust Banks initiated coverage on Inovalon in a report on Friday, February 15th. They issued a buy rating and a $22.00 target price for the company. Zacks Investment Research upgraded Inovalon from a hold rating to a buy rating and set a $16.00 price objective for the company in a report on Tuesday, May 7th. Finally, ValuEngine upgraded Inovalon from a hold rating to a buy rating in a report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Inovalon currently has an average rating of Buy and an average price target of $15.50.

INOV stock traded up $0.28 during mid-day trading on Tuesday, reaching $14.13. The company’s stock had a trading volume of 11,612 shares, compared to its average volume of 547,257. The company has a market cap of $2.14 billion, a P/E ratio of 78.39, a PEG ratio of 2.72 and a beta of 0.71. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.89 and a current ratio of 1.89. Inovalon has a 12 month low of $9.19 and a 12 month high of $15.57.

Inovalon (NASDAQ:INOV) last issued its earnings results on Wednesday, May 1st. The technology company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.03. The business had revenue of $145.50 million during the quarter, compared to the consensus estimate of $143.75 million. Inovalon had a positive return on equity of 6.43% and a negative net margin of 5.28%. The firm’s revenue for the quarter was up 56.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.04) earnings per share. On average, research analysts predict that Inovalon will post 0.37 earnings per share for the current year.

In related news, CEO Keith R. Dunleavy purchased 60,801 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average price of $13.60 per share, for a total transaction of $826,893.60. Following the completion of the acquisition, the chief executive officer now owns 460,801 shares of the company’s stock, valued at approximately $6,266,893.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith R. Dunleavy purchased 136,995 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were bought at an average price of $13.41 per share, with a total value of $1,837,102.95. Following the acquisition, the chief executive officer now directly owns 460,801 shares of the company’s stock, valued at approximately $6,179,341.41. The disclosure for this purchase can be found here. Insiders own 50.93% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. MetLife Investment Advisors LLC grew its holdings in Inovalon by 55.7% during the third quarter. MetLife Investment Advisors LLC now owns 46,675 shares of the technology company’s stock worth $469,000 after buying an additional 16,703 shares in the last quarter. PEAK6 Investments LLC bought a new stake in Inovalon during the fourth quarter worth $434,000. Tibra Equities Europe Ltd bought a new stake in Inovalon during the first quarter worth $487,000. FMR LLC grew its holdings in Inovalon by 39.2% during the fourth quarter. FMR LLC now owns 6,701,752 shares of the technology company’s stock worth $95,031,000 after buying an additional 1,885,737 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Inovalon during the fourth quarter worth $160,000. Institutional investors and hedge funds own 33.63% of the company’s stock.

Inovalon Company Profile

Inovalon Holdings, Inc, a technology company, provides cloud-based platforms empowering data-driven healthcare. It operates the Inovalon ONE Platform, a cloud-based platform that interconnect with the healthcare ecosystem to aggregate and analyze data in real-time, as well as empowers the application in resulting insights.

Read More: The basics of gap trading strategies

Receive News & Ratings for Inovalon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inovalon and related companies with MarketBeat.com's FREE daily email newsletter.