InnovAge (NASDAQ:INNV) Trading Down 2.6% – Here’s What Happened

Shares of InnovAge Holding Corp. (NASDAQ:INNV) were down 2.6% during trading on Thursday . The stock traded as low as $7.78 and last traded at $7.92. Approximately 357,128 shares were traded during trading, a decline of 4% from the average daily volume of 372,842 shares. The stock had previously closed at $8.13.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on INNV shares. JPMorgan Chase & Co. lifted their price objective on shares of InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a research report on Monday, February 23rd. Weiss Ratings upgraded shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, February 5th. Finally, Zacks Research raised shares of InnovAge from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.00.

InnovAge Stock Performance

The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $1.07 billion, a PE ratio of 158.43 and a beta of 0.46. The business has a 50 day simple moving average of $7.82 and a 200 day simple moving average of $6.10.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. InnovAge had a return on equity of 2.60% and a net margin of 0.71%.The business had revenue of $239.71 million for the quarter, compared to analyst estimates of $228.30 million. Equities research analysts predict that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG raised its holdings in shares of InnovAge by 15.1% in the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock worth $66,000 after buying an additional 1,679 shares during the last quarter. Barclays PLC lifted its stake in shares of InnovAge by 10.6% during the fourth quarter. Barclays PLC now owns 31,591 shares of the company’s stock worth $164,000 after buying an additional 3,040 shares during the period. AQR Capital Management LLC grew its holdings in shares of InnovAge by 13.9% during the fourth quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock valued at $133,000 after buying an additional 3,135 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after acquiring an additional 3,305 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of InnovAge by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock valued at $5,801,000 after acquiring an additional 4,239 shares during the period. Institutional investors and hedge funds 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.