Wall Street Zen Upgrades InnovAge (NASDAQ:INNV) to “Strong-Buy”

InnovAge (NASDAQ:INNV) was upgraded by Wall Street Zen from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also commented on INNV. KeyCorp lifted their price target on shares of InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Wednesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $10.50.

InnovAge Price Performance

InnovAge stock opened at $10.75 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.47 billion, a PE ratio of -537.50 and a beta of 0.40. InnovAge has a 12 month low of $3.93 and a 12 month high of $12.64. The stock has a 50-day moving average price of $11.13 and a two-hundred day moving average price of $9.37.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%.The firm had revenue of $261.95 million for the quarter, compared to the consensus estimate of $238.33 million. Analysts expect that InnovAge will post 0.45 EPS for the current year.

Institutional Investors Weigh In On InnovAge

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its position in shares of InnovAge by 42.4% during the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after buying an additional 5,936 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in shares of InnovAge during the 1st quarter valued at $166,000. Goldman Sachs Group Inc. lifted its position in shares of InnovAge by 41.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock valued at $283,000 after acquiring an additional 27,674 shares during the period. Jane Street Group LLC boosted its stake in InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after acquiring an additional 7,429 shares in the last quarter. Finally, Strs Ohio bought a new position in InnovAge during the first quarter worth $186,000. 12.26% of the stock is currently owned by institutional investors.

InnovAge Company Profile

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company’s services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.