InnovAge (NASDAQ:INNV) Trading Up 7.7% – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price was up 7.7% on Tuesday . The stock traded as high as $12.32 and last traded at $12.4990. Approximately 140,473 shares were traded during trading, a decline of 55% from the average session volume of 312,346 shares. The stock had previously closed at $11.61.

Wall Street Analyst Weigh In

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

InnovAge Price Performance

The company has a market capitalization of $1.68 billion, a PE ratio of -137.66 and a beta of 0.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a 50 day moving average price of $8.12 and a two-hundred day moving average price of $7.51.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $251.94 million during the quarter, compared to the consensus estimate of $234.34 million. Equities analysts forecast that InnovAge Holding Corp. will post 0.07 earnings per share for the current year.

Institutional Trading of InnovAge

Several large investors have recently added to or reduced their stakes in INNV. T. Rowe Price Investment Management Inc. increased its stake in shares of InnovAge by 10.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock worth $32,014,000 after purchasing an additional 577,558 shares during the last quarter. Kent Lake PR LLC lifted its stake in shares of InnovAge by 13.1% in the 2nd quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company’s stock valued at $6,262,000 after purchasing an additional 197,036 shares during the last quarter. Vanguard Group Inc. boosted its holdings in InnovAge by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after purchasing an additional 4,239 shares in the last quarter. Geode Capital Management LLC boosted its holdings in InnovAge by 3.0% in the second quarter. Geode Capital Management LLC now owns 554,880 shares of the company’s stock worth $2,048,000 after purchasing an additional 16,205 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in InnovAge during the first quarter worth $4,250,000. 12.26% of the stock is owned by institutional investors.

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.