InnovAge (NASDAQ:INNV) Price Target Raised to $14.00

InnovAge (NASDAQ:INNV) had its target price hoisted by KeyCorp from $13.00 to $14.00 in a report issued on Wednesday morning, MarketBeat Ratings reports. KeyCorp currently has an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. Wall Street Zen lowered shares of InnovAge from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $10.50.

InnovAge Price Performance

Shares of NASDAQ INNV opened at $10.75 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.03 and a current ratio of 1.05. InnovAge has a fifty-two week low of $3.93 and a fifty-two week high of $12.64. The stock has a market cap of $1.46 billion, a PE ratio of -537.50 and a beta of 0.40. The stock has a fifty day moving average of $11.13 and a 200-day moving average of $9.37.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%.The company had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $238.33 million. Equities research analysts anticipate that InnovAge will post 0.45 earnings per share for the current year.

Institutional Investors Weigh In On InnovAge

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in InnovAge in the 2nd quarter worth about $17,652,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of InnovAge by 10.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock valued at $32,014,000 after acquiring an additional 577,558 shares in the last quarter. Algert Global LLC boosted its position in shares of InnovAge by 844.1% during the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company’s stock valued at $7,472,000 after acquiring an additional 563,735 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of InnovAge during the 1st quarter valued at about $4,250,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of InnovAge during the first quarter worth about $3,349,000. Institutional investors own 12.26% of the company’s stock.

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.