Inspire Investing LLC Invests $1.59 Million in InnovAge Holding Corp. $INNV

Inspire Investing LLC purchased a new stake in InnovAge Holding Corp. (NASDAQ:INNV) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 198,320 shares of the company’s stock, valued at approximately $1,591,000. Inspire Investing LLC owned 0.15% of InnovAge at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Invesco Ltd. purchased a new position in InnovAge in the fourth quarter worth $57,000. CIBC Asset Management Inc acquired a new position in shares of InnovAge during the 4th quarter worth $57,000. Deutsche Bank AG increased its holdings in shares of InnovAge by 15.1% in the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after purchasing an additional 1,679 shares in the last quarter. Baron Wealth Management LLC purchased a new position in shares of InnovAge in the 1st quarter valued at about $104,000. Finally, Kathmere Capital Management LLC acquired a new stake in shares of InnovAge in the fourth quarter valued at about $69,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INNV has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Zacks Research lowered InnovAge from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Finally, Wall Street Zen downgraded InnovAge from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Sell” and an average target price of $7.00.

InnovAge Stock Performance

NASDAQ:INNV opened at $11.71 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $1.59 billion, a PE ratio of -130.11 and a beta of 0.35. The firm has a 50 day simple moving average of $8.27 and a 200-day simple moving average of $7.61. InnovAge Holding Corp. has a 1-year low of $3.13 and a 1-year high of $12.64.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.28). The firm had revenue of $251.94 million for the quarter, compared to analyst estimates of $234.34 million. InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%. On average, equities analysts expect that InnovAge Holding Corp. will post 0.07 EPS for the current year.

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.