Inovalon (NASDAQ:INOV) Sees Strong Trading Volume

Shares of Inovalon Holdings Inc (NASDAQ:INOV) saw strong trading volume on Monday . 1,071,688 shares were traded during mid-day trading, an increase of 119% from the previous session’s volume of 488,787 shares.The stock last traded at $14.21 and had previously closed at $13.79.

A number of equities research analysts have issued reports on the company. BidaskClub upgraded Inovalon from a “hold” rating to a “buy” rating in a research note on Wednesday, May 22nd. ValuEngine cut shares of Inovalon from a “buy” rating to a “hold” rating in a research note on Thursday, March 7th. Zacks Investment Research cut shares of Inovalon from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Finally, SunTrust Banks assumed coverage on shares of Inovalon in a research note on Friday, February 15th. They set a “buy” rating and a $22.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $15.50.

The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.89 and a current ratio of 1.89. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 79.28, a PEG ratio of 2.69 and a beta of 0.61.

Inovalon (NASDAQ:INOV) last issued its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. Inovalon had a negative net margin of 5.28% and a positive return on equity of 6.43%. The business had revenue of $145.50 million for the quarter, compared to analysts’ expectations of $143.75 million. During the same period in the previous year, the business earned ($0.04) earnings per share. The company’s revenue was up 56.8% on a year-over-year basis. Sell-side analysts forecast that Inovalon Holdings Inc will post 0.37 EPS for the current fiscal year.

In related news, CEO Keith R. Dunleavy acquired 136,995 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average cost of $13.41 per share, for a total transaction of $1,837,102.95. Following the completion of the purchase, the chief executive officer now directly owns 460,801 shares in the company, valued at $6,179,341.41. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Keith R. Dunleavy acquired 60,801 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average price of $13.60 per share, for a total transaction of $826,893.60. Following the completion of the purchase, the chief executive officer now owns 460,801 shares of the company’s stock, valued at $6,266,893.60. The disclosure for this purchase can be found here. 50.44% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of INOV. Advisor Group Inc. grew its holdings in Inovalon by 21.3% during the first quarter. Advisor Group Inc. now owns 7,862 shares of the technology company’s stock worth $98,000 after acquiring an additional 1,382 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in Inovalon by 9.8% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 23,109 shares of the technology company’s stock worth $328,000 after acquiring an additional 2,064 shares during the period. Legal & General Group Plc grew its holdings in Inovalon by 19.9% during the fourth quarter. Legal & General Group Plc now owns 13,021 shares of the technology company’s stock worth $185,000 after acquiring an additional 2,163 shares during the period. Marshall Wace North America L.P. acquired a new position in Inovalon during the first quarter worth about $31,000. Finally, California State Teachers Retirement System grew its holdings in Inovalon by 0.4% during the fourth quarter. California State Teachers Retirement System now owns 676,995 shares of the technology company’s stock worth $8,389,000 after acquiring an additional 2,557 shares during the period. Institutional investors and hedge funds own 32.33% of the company’s stock.

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About Inovalon (NASDAQ:INOV)

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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