Inovalon (NASDAQ:INOV) Downgraded to “Hold” at BidaskClub

BidaskClub cut shares of Inovalon (NASDAQ:INOV) from a buy rating to a hold rating in a report released on Wednesday morning, BidAskClub reports.

Several other equities analysts have also weighed in on INOV. SunTrust Banks set a $22.00 target price on shares of Inovalon and gave the company a buy rating in a report on Monday, September 23rd. Morgan Stanley boosted their price target on shares of Inovalon from $14.00 to $18.00 and gave the company an equal weight rating in a research report on Friday, August 23rd. ValuEngine raised Inovalon from a sell rating to a hold rating in a report on Wednesday, November 13th. Piper Jaffray Companies upped their price target on shares of Inovalon from $10.00 to $12.00 and gave the stock an underweight rating in a research note on Thursday, October 31st. Finally, Citigroup assumed coverage on shares of Inovalon in a research note on Wednesday, October 16th. They issued a buy rating and a $21.00 target price for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Inovalon presently has an average rating of Hold and a consensus target price of $18.20.

Shares of INOV traded up $0.10 during trading hours on Wednesday, hitting $17.67. The company had a trading volume of 6,965 shares, compared to its average volume of 484,879. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 97.94, a P/E/G ratio of 5.41 and a beta of 0.63. The firm has a fifty day moving average price of $16.44 and a 200-day moving average price of $15.61. Inovalon has a 52-week low of $11.50 and a 52-week high of $18.85. The company has a debt-to-equity ratio of 1.47, a quick ratio of 2.28 and a current ratio of 2.28.

Inovalon (NASDAQ:INOV) last posted its earnings results on Wednesday, October 30th. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Inovalon had a negative net margin of 1.37% and a positive return on equity of 7.11%. The firm had revenue of $166.50 million during the quarter, compared to analyst estimates of $164.92 million. During the same period last year, the firm posted $0.11 earnings per share. Inovalon’s revenue for the quarter was up 14.2% compared to the same quarter last year. Research analysts anticipate that Inovalon will post 0.42 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in INOV. Isthmus Partners LLC increased its position in Inovalon by 516.8% during the 2nd quarter. Isthmus Partners LLC now owns 95,777 shares of the technology company’s stock worth $1,390,000 after purchasing an additional 80,250 shares in the last quarter. Bernzott Capital Advisors bought a new position in Inovalon in the 2nd quarter worth about $20,519,000. First Trust Advisors LP bought a new stake in Inovalon during the second quarter worth about $2,309,000. Aperio Group LLC grew its holdings in shares of Inovalon by 10.0% in the second quarter. Aperio Group LLC now owns 20,321 shares of the technology company’s stock worth $295,000 after purchasing an additional 1,848 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Inovalon by 48.2% during the second quarter. Bank of America Corp DE now owns 171,273 shares of the technology company’s stock valued at $2,485,000 after buying an additional 55,678 shares during the period. Hedge funds and other institutional investors own 33.83% 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.

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