InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Up 23.0% in March

InnovAge Holding Corp. (NASDAQ:INNV) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 331,927 shares, a growth of 23.0% from the February 26th total of 269,831 shares. Based on an average trading volume of 379,327 shares, the short-interest ratio is presently 0.9 days. Approximately 0.2% of the company’s stock are sold short.

Wall Street Analyst Weigh In

INNV has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price target on shares of InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a report on Monday, February 23rd. Weiss Ratings raised 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 research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.00.

InnovAge Stock Performance

InnovAge stock traded down $0.04 during mid-day trading on Monday, reaching $7.87. 296,505 shares of the company’s stock were exchanged, compared to its average volume of 368,660. The business’s fifty day simple moving average is $7.90 and its 200 day simple moving average is $6.18. 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 one year low of $2.60 and a one year high of $10.69. The firm has a market capitalization of $1.07 billion, a PE ratio of 157.43 and a beta of 0.45.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. On average, sell-side analysts expect that InnovAge will post -0.12 earnings per share for the current year.

Institutional Trading of InnovAge

A number of institutional investors have recently modified their holdings of the business. 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. Jacobs Levy Equity Management Inc. bought a new stake in InnovAge during the 1st quarter valued at $166,000. Goldman Sachs Group Inc. raised its holdings in InnovAge by 41.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock valued at $283,000 after acquiring an additional 27,674 shares during the period. Jane Street Group LLC lifted 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 acquiring an additional 7,429 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of InnovAge during the first quarter worth $186,000. 12.26% of the stock is currently owned by hedge funds and other 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.