InnovAge (NASDAQ:INNV) Downgraded by Wall Street Zen to Buy

Wall Street Zen lowered shares of InnovAge (NASDAQ:INNV) from a strong-buy rating to a buy rating in a research report released on Saturday.

A number of other equities analysts have also recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of InnovAge in a report on Monday, May 4th. JPMorgan Chase & Co. upped their target price on InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a report on Monday, February 23rd. Finally, Zacks Research cut InnovAge from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $7.00.

InnovAge Price Performance

Shares of INNV stock opened at $7.57 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.24. InnovAge has a twelve month low of $3.13 and a twelve month high of $10.69. The company has a market cap of $1.03 billion, a P/E ratio of -84.11 and a beta of 0.49. The business has a fifty day simple moving average of $8.32 and a 200 day simple moving average of $6.70.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data 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). InnovAge had a negative return on equity of 4.65% and a negative net margin of 1.22%.The business had revenue of $251.94 million for the quarter, compared to the consensus estimate of $234.35 million. On average, sell-side analysts forecast that InnovAge will post 0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

A number of institutional investors and hedge funds have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its holdings in InnovAge by 10.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock worth $32,014,000 after purchasing an additional 577,558 shares in the last quarter. Kent Lake PR LLC grew its position in shares of InnovAge by 13.1% in the 2nd quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company’s stock valued at $6,262,000 after buying an additional 197,036 shares during the last quarter. Vanguard Group Inc. grew 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 buying an additional 4,239 shares during the last quarter. Geode Capital Management LLC grew its position in shares of InnovAge by 3.0% in the 2nd quarter. Geode Capital Management LLC now owns 554,880 shares of the company’s stock valued at $2,048,000 after buying an additional 16,205 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of InnovAge in the 1st quarter valued at about $4,250,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.