Inovalon (INOV) Upgraded to Buy by BidaskClub

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Inovalon (NASDAQ:INOV) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

A number of other equities analysts also recently issued reports on the company. Morgan Stanley raised Inovalon from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $10.00 to $13.00 in a report on Thursday, December 20th. SunTrust Banks initiated coverage on Inovalon in a report on Friday, February 15th. They issued a “buy” rating and a $22.00 price objective for the company. Wells Fargo & Co decreased their price objective on Inovalon from $14.00 to $11.00 and set a “market perform” rating for the company in a report on Thursday, November 8th. ValuEngine raised Inovalon from a “hold” rating to a “buy” rating in a report on Friday, November 30th. Finally, Zacks Investment Research downgraded Inovalon from a “buy” rating to a “hold” rating in a report on Wednesday, January 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Inovalon presently has an average rating of “Buy” and a consensus price target of $15.50.

INOV traded up $0.48 on Wednesday, reaching $15.42. The company’s stock had a trading volume of 1,024,900 shares, compared to its average volume of 494,526. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 67.04, a price-to-earnings-growth ratio of 3.57 and a beta of 0.72. Inovalon has a fifty-two week low of $8.90 and a fifty-two week high of $15.57.

Inovalon (NASDAQ:INOV) last announced its quarterly earnings results on Wednesday, February 20th. The technology company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.04). The business had revenue of $136.30 million during the quarter, compared to analyst estimates of $145.20 million. Inovalon had a negative net margin of 2.12% and a positive return on equity of 4.12%. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the company earned $0.06 earnings per share. On average, equities analysts anticipate that Inovalon will post 0.22 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Inovalon by 8.6% during the third quarter. BlackRock Inc. now owns 5,121,921 shares of the technology company’s stock worth $51,476,000 after purchasing an additional 403,957 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in shares of Inovalon by 511.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 221,147 shares of the technology company’s stock worth $3,136,000 after purchasing an additional 184,987 shares during the period. Tekla Capital Management LLC acquired a new stake in shares of Inovalon during the third quarter worth $1,770,000. Vanguard Group Inc lifted its holdings in shares of Inovalon by 2.7% during the third quarter. Vanguard Group Inc now owns 5,983,030 shares of the technology company’s stock worth $60,129,000 after purchasing an additional 158,620 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Inovalon by 2.7% during the third quarter. Vanguard Group Inc. now owns 5,983,030 shares of the technology company’s stock worth $60,129,000 after purchasing an additional 158,620 shares during the period. 31.90% of the stock is owned by institutional investors and hedge funds.

About Inovalon

Inovalon Holdings, Inc, a technology company, provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models in the healthcare industry. The company's platform enables the assessment and enhancement of clinical and quality outcomes and financial performance.

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