InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Up 42.6% in January

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a large increase in short interest in January. As of January 30th, there was short interest totaling 396,568 shares, an increase of 42.6% from the January 15th total of 278,014 shares. Based on an average daily volume of 103,494 shares, the days-to-cover ratio is presently 3.8 days. Currently, 0.3% of the company’s stock are short sold. Currently, 0.3% of the company’s stock are short sold. Based on an average daily volume of 103,494 shares, the days-to-cover ratio is presently 3.8 days.

Analyst Upgrades and Downgrades

Several research firms have commented on INNV. Wall Street Zen raised InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. Zacks Research raised shares of InnovAge from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Finally, Weiss Ratings upgraded shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.00.

InnovAge Stock Up 0.1%

INNV stock opened at $8.36 on Friday. The stock has a market capitalization of $1.13 billion, a P/E ratio of 167.23 and a beta of 0.57. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. InnovAge has a 1-year low of $2.60 and a 1-year high of $9.18. The business has a fifty day moving average price of $6.00 and a 200-day moving average price of $5.10.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The company had revenue of $239.71 million during the quarter, compared to the consensus estimate of $228.30 million. InnovAge had a return on equity of 2.60% and a net margin of 0.71%. Equities analysts forecast that InnovAge will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Police & Firemen s Retirement System of New Jersey purchased a new stake in InnovAge in the second quarter worth approximately $32,000. State of Alaska Department of Revenue bought a new position in shares of InnovAge during the 3rd quarter valued at $33,000. CIBC Asset Management Inc purchased a new position in shares of InnovAge in the 4th quarter worth $57,000. Deutsche Bank AG grew 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 acquiring an additional 1,679 shares during the period. Finally, Kathmere Capital Management LLC purchased a new stake in InnovAge during the fourth quarter valued at $69,000. 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.