InnovAge (NASDAQ:INNV) Hits New 1-Year High – Time to Buy?

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $10.70 and last traded at $10.6330, with a volume of 22747 shares traded. The stock had previously closed at $10.35.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Weiss Ratings lowered shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Wall Street Zen downgraded shares of InnovAge from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Finally, Zacks Research lowered shares of InnovAge from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, InnovAge has a consensus rating of “Sell” and a consensus target price of $7.00.

InnovAge Trading Up 3.1%

The company has a market capitalization of $1.45 billion, a P/E ratio of -118.50 and a beta of 0.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a fifty day moving average of $8.00 and a 200 day moving average of $7.43.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.28). The company had revenue of $251.94 million for the quarter, compared to the consensus estimate of $234.34 million. InnovAge had a negative net margin of 1.22% and a negative return on equity of 4.73%. As a group, equities research analysts anticipate that InnovAge Holding Corp. will post 0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Invesco Ltd. bought a new stake in InnovAge during the 4th quarter worth approximately $57,000. CIBC Asset Management Inc bought a new position in shares of InnovAge in the fourth quarter worth approximately $57,000. Deutsche Bank AG boosted its position 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 purchasing an additional 1,679 shares during the period. Kathmere Capital Management LLC bought a new position in InnovAge in the 4th quarter worth $69,000. Finally, Bank of America Corp DE boosted its holdings in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after buying an additional 5,936 shares during the period. 12.26% of the stock is currently 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.