InnovAge (NASDAQ:INNV) Trading Up 6.6% – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price traded up 6.6% during mid-day trading on Thursday . The stock traded as high as $12.35 and last traded at $12.3430. Approximately 83,409 shares were traded during mid-day trading, a decline of 74% from the average session volume of 317,650 shares. The stock had previously closed at $11.58.

Wall Street Analyst Weigh In

INNV has been the subject of a number of recent research reports. Zacks Research lowered shares of InnovAge from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Wall Street Zen downgraded InnovAge from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings downgraded InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Sell” and a consensus price target of $7.00.

InnovAge Stock Down 3.1%

The company has a market cap of $1.56 billion, a price-to-earnings ratio of -127.78 and a beta of 0.36. The business has a fifty day moving average of $9.18 and a two-hundred day moving average of $8.10. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.26.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.28). InnovAge had a negative net margin of 1.22% and a negative return on equity of 4.73%. The business had revenue of $251.94 million during the quarter, compared to analysts’ expectations of $234.34 million. As a group, equities analysts anticipate that InnovAge Holding Corp. will post 0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. lifted its position in shares of InnovAge by 10.3% in 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 in the last quarter. Hillsdale Investment Management Inc. purchased a new position in InnovAge in the 1st quarter valued at $4,250,000. Arrowstreet Capital Limited Partnership acquired a new stake in InnovAge during the 1st quarter worth $3,349,000. Marshall Wace LLP acquired a new stake in shares of InnovAge in the fourth quarter valued at about $1,512,000. Finally, O Shaughnessy Asset Management LLC lifted its stake in shares of InnovAge by 1,978.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 238,881 shares of the company’s stock worth $1,240,000 after buying an additional 227,387 shares in the last quarter. Institutional investors and hedge funds 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.