InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Update

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a large decrease in short interest during the month of February. As of February 13th, there was short interest totaling 260,367 shares, a decrease of 34.3% from the January 29th total of 396,568 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily trading volume, of 550,479 shares, the days-to-cover ratio is currently 0.5 days. Based on an average daily trading volume, of 550,479 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.2% of the shares of the company are sold short.

InnovAge Price Performance

Shares of InnovAge stock traded up $0.02 on Tuesday, hitting $9.29. The company had a trading volume of 94,408 shares, compared to its average volume of 267,177. InnovAge has a 52 week low of $2.60 and a 52 week high of $9.64. The company has a market cap of $1.26 billion, a PE ratio of 185.84 and a beta of 0.45. The business has a 50-day simple moving average of $6.69 and a 200-day simple moving average of $5.51. 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 (NASDAQ:INNV) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $239.71 million during the quarter, compared to analyst estimates of $228.30 million. InnovAge had a return on equity of 2.60% and a net margin of 0.71%. Research analysts expect that InnovAge will post -0.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. JPMorgan Chase & Co. lifted their price objective on shares of InnovAge from $5.00 to $7.00 and gave the company 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 report on Thursday, February 5th. Finally, Zacks Research raised 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Institutional Trading of InnovAge

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in InnovAge by 42.4% during the fourth 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 in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of InnovAge during the 1st quarter worth $166,000. Goldman Sachs Group Inc. grew its holdings in shares of InnovAge by 41.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock worth $283,000 after acquiring an additional 27,674 shares during the last quarter. Jane Street Group LLC raised its position 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. Finally, Strs Ohio purchased a new stake in shares of InnovAge during the first quarter valued at $186,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.