529,984 Shares in InnovAge Holding Corp. $INNV Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. acquired a new position in shares of InnovAge Holding Corp. (NASDAQ:INNV) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 529,984 shares of the company’s stock, valued at approximately $4,250,000.

Other institutional investors also recently bought and sold shares of the company. Invesco Ltd. purchased a new stake in shares of InnovAge in the fourth quarter valued at about $57,000. CIBC Asset Management Inc acquired a new position in InnovAge in the 4th quarter valued at about $57,000. Deutsche Bank AG raised its stake 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 acquiring an additional 1,679 shares during the last quarter. Baron Wealth Management LLC acquired a new stake in InnovAge during the 1st quarter worth approximately $104,000. Finally, Kathmere Capital Management LLC purchased a new stake in shares of InnovAge during the fourth quarter worth approximately $69,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

InnovAge Stock Performance

Shares of INNV stock opened at $11.61 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.26. The stock has a 50 day simple moving average of $8.95 and a 200-day simple moving average of $7.99. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -129.00 and a beta of 0.36. InnovAge Holding Corp. has a 12-month low of $3.13 and a 12-month high of $12.64.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share 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. On average, equities analysts forecast that InnovAge Holding Corp. will post 0.07 EPS for the current year.

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.