Renaissance Technologies LLC Increases Holdings in InnovAge Holding Corp. $INNV

Renaissance Technologies LLC lifted its stake in shares of InnovAge Holding Corp. (NASDAQ:INNV) by 100.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 370,817 shares of the company’s stock after purchasing an additional 186,117 shares during the quarter. Renaissance Technologies LLC’s holdings in InnovAge were worth $2,974,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in INNV. CIBC Asset Management Inc purchased a new position in InnovAge during the 4th quarter valued at about $57,000. Invesco Ltd. purchased a new stake in shares of InnovAge in the fourth quarter worth about $57,000. Deutsche Bank AG boosted 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 valued at $66,000 after acquiring an additional 1,679 shares during the period. Bank of America Corp DE grew its stake in InnovAge by 42.4% during the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after acquiring an additional 5,936 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in InnovAge by 26.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after acquiring an additional 3,305 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

InnovAge Trading Up 1.8%

Shares of INNV stock opened at $11.18 on Friday. The business has a 50-day moving average price of $10.37 and a two-hundred day moving average price of $8.72. InnovAge Holding Corp. has a 12-month low of $3.17 and a 12-month high of $12.64. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.26. The firm has a market cap of $1.52 billion, a P/E ratio of -124.22 and a beta of 0.39.

Analyst Upgrades and Downgrades

Several analysts have issued reports on INNV shares. Weiss Ratings cut shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Zacks Research cut shares of InnovAge from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Finally, Wall Street Zen downgraded shares of InnovAge from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. One investment 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, the company currently has an average rating of “Sell” and an average price target of $7.00.

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.