InnovAge (NASDAQ:INNV) Stock Price Up 1% – Time to Buy?
by Sarita Garza · The Markets DailyInnovAge Holding Corp. (NASDAQ:INNV – Get Free Report)’s share price rose 1% during mid-day trading on Monday . The company traded as high as $7.52 and last traded at $7.37. Approximately 338,112 shares changed hands during trading, an increase of 20% from the average daily volume of 282,076 shares. The stock had previously closed at $7.30.
Wall Street Analysts Forecast Growth
INNV has been the subject of a number of recent analyst reports. Zacks Research cut InnovAge from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. JPMorgan Chase & Co. upped their price target on InnovAge from $5.00 to $7.00 and gave the company an “underweight” rating in a research note on Monday, February 23rd. Wall Street Zen cut InnovAge from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings cut InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Sell” and a consensus target price of $7.00.
Read Our Latest Analysis on InnovAge
InnovAge Price Performance
The business has a 50 day moving average of $7.73 and a 200-day moving average of $7.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.03 and a current ratio of 1.03.
InnovAge (NASDAQ:INNV – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.28). The business had revenue of $251.94 million for the quarter, compared to the consensus estimate of $234.35 million. InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%. As a group, sell-side analysts expect that InnovAge Holding Corp. will post 0.07 earnings per share for the current year.
Hedge Funds Weigh In On InnovAge
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Deutsche Bank AG grew its stake in shares of InnovAge by 15.1% in the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after buying an additional 1,679 shares in the last quarter. Kathmere Capital Management LLC lifted its holdings in InnovAge by 17.0% during the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock valued at $125,000 after purchasing an additional 2,260 shares during the last quarter. Barclays PLC lifted its holdings in InnovAge by 10.6% during the 4th quarter. Barclays PLC now owns 31,591 shares of the company’s stock valued at $164,000 after purchasing an additional 3,040 shares during the last quarter. AQR Capital Management LLC lifted its holdings in InnovAge by 13.9% during the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock valued at $133,000 after purchasing an additional 3,135 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in InnovAge by 26.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after purchasing an additional 3,305 shares during the last quarter. 12.26% of the stock is owned by institutional investors.
About InnovAge
InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.
The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.