InnovAge (NASDAQ:INNV) Trading Up 4.9% – Time to Buy?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) shot up 4.9% during trading on Wednesday . The stock traded as high as $4.32 and last traded at $4.28. 7,600 shares were traded during trading, a decline of 80% from the average session volume of 38,697 shares. The stock had previously closed at $4.08.

Analyst Upgrades and Downgrades

INNV has been the topic of several recent research reports. JPMorgan Chase & Co. restated an “underweight” rating and set a $5.00 target price on shares of InnovAge in a research report on Tuesday. KeyCorp began coverage on InnovAge in a report on Friday, October 11th. They set a “sector weight” rating on the stock.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. The firm has a fifty day moving average price of $5.27 and a two-hundred day moving average price of $5.52. The stock has a market capitalization of $478.16 million, a PE ratio of -29.42 and a beta of 0.31.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The firm had revenue of $205.14 million for the quarter, compared to analyst estimates of $203.35 million. During the same quarter last year, the firm posted ($0.08) earnings per share. Research analysts expect that InnovAge Holding Corp. will post -0.06 EPS for the current year.

Hedge Funds Weigh In On InnovAge

Institutional investors have recently bought and sold shares of the business. Barclays PLC raised its position in shares of InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after acquiring an additional 19,029 shares in the last quarter. Rhumbline Advisers raised its stake in shares of InnovAge by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after acquiring an additional 1,793 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in InnovAge by 27.1% in the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after purchasing an additional 12,448 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of InnovAge by 3.1% during the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of InnovAge by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after purchasing an additional 6,153 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Company Profile

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.