InnovAge (NASDAQ:INNV) Shares Up 5.9% – Should You Buy?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) shot up 5.9% during mid-day trading on Monday . The stock traded as high as $5.52 and last traded at $5.59. 19,333 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 64,638 shares. The stock had previously closed at $5.28.

Wall Street Analyst Weigh In

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

InnovAge Price Performance

The company has a market cap of $689.93 million, a price-to-earnings ratio of -38.81 and a beta of 0.57. The company has a 50-day simple moving average of $5.14 and a 200-day simple moving average of $4.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.17 and a current ratio of 1.17.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $236.11 million for the quarter, compared to the consensus estimate of $226.64 million. InnovAge had a negative return on equity of 7.02% and a negative net margin of 1.96%. As a group, research analysts predict that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Insider Activity at InnovAge

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $4.90, for a total value of $161,700.00. Following the completion of the transaction, the chief operating officer directly owned 119,617 shares of the company’s stock, valued at approximately $586,123.30. This trade represents a 21.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On InnovAge

A number of institutional investors and hedge funds have recently modified their holdings of INNV. JPMorgan Chase & Co. raised its holdings in InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after purchasing an additional 3,305 shares during the last quarter. Vanguard Group Inc. grew its stake in InnovAge by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock valued at $5,801,000 after acquiring an additional 4,239 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in InnovAge by 2.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company’s stock valued at $490,000 after acquiring an additional 4,535 shares in the last quarter. Bank of America Corp DE raised its position in InnovAge by 42.4% during the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after acquiring an additional 5,936 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of InnovAge in the third quarter valued at about $33,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Company Profile

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.