InnovAge (NASDAQ:INNV) Stock Price Down 4.9% – Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price was down 4.9% during mid-day trading on Thursday . The stock traded as low as $7.44 and last traded at $7.6250. Approximately 76,257 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 297,514 shares. The stock had previously closed at $8.02.

Analyst Ratings Changes

A number of brokerages have recently commented on INNV. Zacks Research raised shares of InnovAge from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. JPMorgan Chase & Co. increased their price objective on InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings raised InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, InnovAge has an average rating of “Hold” and a consensus target price of $7.00.

InnovAge Price Performance

The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. The firm’s 50-day moving average price is $7.99 and its two-hundred day moving average price is $6.22. The stock has a market cap of $1.02 billion, a PE ratio of 150.63 and a beta of 0.46.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. The company had revenue of $239.71 million for the quarter, compared to analyst estimates of $228.30 million. On average, equities analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INNV. Invesco Ltd. purchased a new position in InnovAge in the fourth quarter worth $57,000. AQR Capital Management LLC boosted its position in shares of InnovAge by 13.9% in the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock worth $133,000 after purchasing an additional 3,135 shares in the last quarter. Wells Fargo & Company MN grew its stake in InnovAge by 56.9% during the 4th quarter. Wells Fargo & Company MN now owns 22,470 shares of the company’s stock worth $117,000 after buying an additional 8,147 shares during the last quarter. Deutsche Bank AG increased its position in InnovAge by 15.1% during the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after buying an additional 1,679 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in InnovAge in the fourth quarter valued at about $57,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About InnovAge

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.