Ritholtz Wealth Management Increases Stock Position in InnovAge Holding Corp. $INNV

Ritholtz Wealth Management increased its holdings in InnovAge Holding Corp. (NASDAQ:INNV) by 50.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 248,072 shares of the company’s stock after buying an additional 83,006 shares during the period. Ritholtz Wealth Management’s holdings in InnovAge were worth $1,990,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of INNV. AQR Capital Management LLC boosted its holdings in shares of InnovAge by 13.9% in the fourth quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock worth $133,000 after acquiring an additional 3,135 shares during the period. Wells Fargo & Company MN grew its position in shares of InnovAge by 56.9% in the fourth quarter. Wells Fargo & Company MN now owns 22,470 shares of the company’s stock valued at $117,000 after purchasing an additional 8,147 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of InnovAge during the 4th quarter valued at $100,000. JPMorgan Chase & Co. lifted its holdings in InnovAge by 26.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after purchasing an additional 3,305 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in 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 purchasing an additional 5,936 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

InnovAge Stock Up 4.3%

INNV opened at $10.79 on Friday. The firm has a market capitalization of $1.46 billion, a P/E ratio of -119.89 and a beta of 0.45. InnovAge Holding Corp. has a one year low of $3.13 and a one year high of $10.88. The company has a fifty day moving average price of $8.06 and a 200-day moving average price of $7.45. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03.

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

InnovAge 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.