Lazard Asset Management LLC Takes $516,000 Position in InnovAge Holding Corp. $INNV

Lazard Asset Management LLC purchased a new stake in shares of InnovAge Holding Corp. (NASDAQ:INNV) during the 1st quarter, Holdings Channel reports. The fund purchased 64,376 shares of the company’s stock, valued at approximately $516,000.

Several other hedge funds have also recently bought and sold shares of INNV. CIBC Asset Management Inc acquired a new stake in InnovAge during the 4th quarter worth about $57,000. Invesco Ltd. purchased a new stake in shares of InnovAge in the fourth quarter worth approximately $57,000. Deutsche Bank AG lifted 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 in the last quarter. Bank of America Corp DE boosted its holdings in shares of 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 purchasing an additional 5,936 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after purchasing an additional 3,305 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Stock Down 1.0%

INNV opened at $10.98 on Friday. InnovAge Holding Corp. has a fifty-two week low of $3.17 and a fifty-two week high of $12.64. The business has a 50-day moving average of $10.30 and a 200-day moving average of $8.70. 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 company has a market capitalization of $1.49 billion, a PE ratio of -122.00 and a beta of 0.39.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on INNV shares. Wall Street Zen lowered shares of InnovAge from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Zacks Research lowered shares of InnovAge from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Finally, Weiss Ratings cut shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, InnovAge currently has an average rating of “Sell” and an average price target of $7.00.

InnovAge 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.