InnovAge (NASDAQ:INNV) Announces Earnings Results, Beats Expectations By $0.04 EPS

InnovAge (NASDAQ:INNV) announced its earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04, FiscalAI reports. The business had revenue of $239.71 million during the quarter, compared to analyst estimates of $228.30 million. InnovAge had a negative net margin of 1.96% and a negative return on equity of 7.02%.

InnovAge Trading Down 0.7%

Shares of INNV traded down $0.04 during trading hours on Tuesday, hitting $5.66. The company had a trading volume of 181,875 shares, compared to its average volume of 102,740. InnovAge has a 52-week low of $2.60 and a 52-week high of $6.26. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average price is $5.49 and its 200 day moving average price is $4.85. The firm has a market cap of $767.95 million, a P/E ratio of -43.54 and a beta of 0.57.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on INNV shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Thursday, January 22nd. Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Two equities research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell” and a consensus price target of $5.00.

Insider Transactions at InnovAge

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of InnovAge stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $4.90, for a total value of $161,700.00. Following the transaction, the chief operating officer directly owned 119,617 shares of the company’s stock, valued at $586,123.30. The trade was a 21.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in INNV. JPMorgan Chase & Co. boosted its position 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 buying an additional 3,305 shares during the period. Bank of America Corp DE raised its stake in shares of InnovAge by 42.4% during the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after acquiring an additional 5,936 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after purchasing an additional 7,429 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in shares of InnovAge in the first quarter worth about $166,000. Finally, Strs Ohio bought a new stake in shares of InnovAge in the first quarter worth about $186,000. Institutional investors own 12.26% of the company’s stock.

InnovAge Company Profile

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.