Inovalon reported year-to-date bookings up 91% year-over-year in Q3, but execution issues are delaying revenue recognition, Piper Jaffray analyst Sean Wieland tells investors in a research note titled "Head Fake." Further, the company stopped selling software on a license basis, adds the analyst. He says Inovalon missed Q3, guided Q4 down, but guided 2019 in-line on the thesis the execution issues will be resolved by then. "Being long requires a leap of faith they fix the execution, a leap we are unable to make," writes Wieland. He reiterates an Underweight rating on Inovalon shares with an $8 price target.