InnovAge (NASDAQ:INNV) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of InnovAge (NASDAQ:INNV) from a hold rating to a strong-buy rating in a report released on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also recently weighed in on the stock. KeyCorp boosted their price target on shares of InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $10.50.

InnovAge Price Performance

INNV opened at $10.77 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -538.50 and a beta of 0.40. The stock’s 50-day moving average price is $11.11 and its 200 day moving average price is $9.39. InnovAge has a 12-month low of $3.93 and a 12-month high of $12.64.

InnovAge (NASDAQ:INNV) last released its earnings results 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 net margin of 0.26% and a negative return on equity of 1.03%. The company had revenue of $261.95 million during the quarter, compared to analysts’ expectations of $238.33 million. As a group, sell-side analysts expect that InnovAge will post 0.45 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

A number of institutional investors and hedge funds have recently made changes to their positions in INNV. Legal & General Group Plc purchased a new position in shares of InnovAge in the 2nd quarter valued at about $25,000. California State Teachers Retirement System boosted its holdings in InnovAge by 207.3% during the second quarter. California State Teachers Retirement System now owns 3,365 shares of the company’s stock worth $40,000 after buying an additional 2,270 shares in the last quarter. Baron Wealth Management LLC purchased a new stake in InnovAge during the first quarter worth about $104,000. Kathmere Capital Management LLC grew its position in InnovAge by 17.0% during the first quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock worth $125,000 after buying an additional 2,260 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in InnovAge during the second quarter worth about $142,000. 12.26% of the stock is owned by institutional investors and hedge funds.

InnovAge Company Profile

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company’s services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.