InnovAge (NASDAQ:INNV) Stock Rating Lowered by Wall Street Zen

InnovAge (NASDAQ:INNV) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

Several other brokerages have also recently weighed in on INNV. Weiss Ratings reiterated a “hold (c-)” rating on shares of InnovAge in a research note on Monday, May 4th. Zacks Research cut InnovAge from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. lifted their target price on InnovAge from $5.00 to $7.00 and gave the company an “underweight” rating in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, InnovAge has a consensus rating of “Reduce” and an average price target of $7.00.

InnovAge Stock Performance

InnovAge stock opened at $7.57 on Friday. InnovAge has a 52-week low of $3.13 and a 52-week high of $10.69. The company has a market cap of $1.03 billion, a P/E ratio of -84.11 and a beta of 0.49. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.24. The business has a 50-day simple moving average of $8.32 and a two-hundred day simple moving average of $6.70.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.28). The business had revenue of $251.94 million during the quarter, compared to analysts’ expectations of $234.35 million. InnovAge had a negative return on equity of 4.65% and a negative net margin of 1.22%. Analysts predict that InnovAge will post 0.17 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its holdings in InnovAge by 10.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock valued at $32,014,000 after acquiring an additional 577,558 shares during the period. Hillsdale Investment Management Inc. bought a new stake in InnovAge during the 1st quarter valued at approximately $4,250,000. Marshall Wace LLP purchased a new position in InnovAge in the 4th quarter worth approximately $1,512,000. O Shaughnessy Asset Management LLC boosted its stake in InnovAge by 1,978.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 238,881 shares of the company’s stock worth $1,240,000 after purchasing an additional 227,387 shares during the period. Finally, Inspire Investing LLC bought a new position in InnovAge in the 1st quarter worth approximately $1,591,000. Institutional investors own 12.26% of the company’s stock.

InnovAge Company Profile

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.