InnovAge (NASDAQ:INNV) Downgraded to “Buy” Rating by Wall Street Zen

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

Several other brokerages also recently weighed in on INNV. KeyCorp raised their price target on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $10.50.

InnovAge Price Performance

INNV stock opened at $10.92 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a 50 day moving average price of $11.04 and a 200-day moving average price of $9.44. InnovAge has a 52-week low of $3.93 and a 52-week high of $12.64. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -546.00 and a beta of 0.40.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share 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 for the quarter, compared to the consensus estimate of $238.33 million. Equities research analysts forecast that InnovAge will post 0.43 EPS for the current fiscal year.

Institutional Trading of InnovAge

Several institutional investors have recently added to or reduced their stakes in INNV. Welch Capital Partners LLC NY bought a new position in shares of InnovAge during the second quarter valued at $1,616,000. Renaissance Technologies LLC increased its holdings in InnovAge by 100.8% in the 1st quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock worth $2,974,000 after buying an additional 186,117 shares in the last quarter. BlackRock Inc. bought a new stake in InnovAge in the 2nd quarter worth about $17,652,000. Dimensional Fund Advisors LP raised its position in InnovAge by 383.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 236,485 shares of the company’s stock worth $1,896,000 after buying an additional 187,567 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in InnovAge in the 1st quarter worth about $3,349,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.