InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – Here’s What Happened

Shares of InnovAge Holding Corp. (NASDAQ:INNV) saw an uptick in trading volume on Wednesday . 298,605 shares changed hands during mid-day trading, an increase of 440% from the previous session’s volume of 55,345 shares.The stock last traded at $5.8050 and had previously closed at $5.42.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. started coverage on shares of InnovAge in a research note on Thursday, September 18th. They issued an “underweight” rating and a $5.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Wednesday, October 8th. Finally, Wall Street Zen raised InnovAge to a “strong-buy” rating in a research note on Saturday. Two investment analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell” and an average target price of $5.00.

InnovAge Stock Up 5.0%

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.25. The company has a 50 day simple moving average of $4.94 and a two-hundred day simple moving average of $4.19. The company has a market capitalization of $772.02 million, a P/E ratio of -43.77 and a beta of 0.59.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, November 4th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $236.11 million during the quarter, compared to analysts’ expectations of $226.64 million. InnovAge had a negative return on equity of 7.02% and a negative net margin of 1.96%. InnovAge has set its FY 2026 guidance at EPS. As a group, equities analysts predict that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INNV. JPMorgan Chase & Co. lifted its holdings in shares of InnovAge by 26.0% in 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 last quarter. Vanguard Group Inc. grew its holdings in InnovAge by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock valued at $5,801,000 after purchasing an additional 4,239 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in InnovAge by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company’s stock worth $490,000 after purchasing an additional 4,535 shares during the period. Bank of America Corp DE lifted its stake in InnovAge by 42.4% in 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 last quarter. Finally, State of Alaska Department of Revenue bought a new stake in InnovAge in the third quarter worth about $33,000. Institutional investors own 12.26% of the company’s stock.

About InnovAge

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.