InnovAge (NASDAQ:INNV) Upgraded by Wall Street Zen to “Strong-Buy” Rating

by · The Markets Daily

Wall Street Zen upgraded shares of InnovAge (NASDAQ:INNV – Free Report) from a hold rating to a strong-buy rating in a research note released on Saturday morning,Wall Street Zen reports.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. KeyCorp raised their target price on InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $10.50.

Read Our Latest Stock Analysis on INNV

InnovAge Trading Up 1.4%

Shares of NASDAQ:INNV opened at $10.75 on Friday. The business’s 50-day moving average is $11.13 and its 200 day moving average is $9.37. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.03. InnovAge has a 1 year low of $3.93 and a 1 year high of $12.64. The firm has a market capitalization of $1.47 billion, a P/E ratio of -537.50 and a beta of 0.40.

InnovAge (NASDAQ:INNV – Get Free Report) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The business had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. On average, research analysts predict that InnovAge will post 0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of INNV. Welch Capital Partners LLC NY acquired a new position in shares of InnovAge in the second quarter worth about $1,616,000. Renaissance Technologies LLC raised its holdings in shares of InnovAge by 100.8% during the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after acquiring an additional 186,117 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of InnovAge by 383.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 236,485 shares of the company’s stock valued at $1,896,000 after acquiring an additional 187,567 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of InnovAge in the 2nd quarter valued at approximately $17,652,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in InnovAge in the 1st quarter worth approximately $3,349,000. 12.26% of the stock is owned by institutional investors and hedge funds.

About InnovAge

(Get Free Report)

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company’s services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.

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