InnovAge (NASDAQ:INNV) Stock Price Up 7.7% – What’s Next?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) rose 7.7% during mid-day trading on Tuesday . The company traded as high as $12.32 and last traded at $12.4990. Approximately 140,473 shares traded hands during trading, a decline of 55% from the average session volume of 312,346 shares. The stock had previously closed at $11.61.

Analyst Ratings Changes

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

InnovAge Stock Down 1.2%

The firm’s 50 day moving average price is $8.27 and its 200-day moving average price is $7.61. 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 company has a market cap of $1.59 billion, a P/E ratio of -130.11 and a beta of 0.35.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.22) earnings per share 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 business had revenue of $251.94 million during the quarter, compared to analyst estimates of $234.34 million. As a group, equities research analysts expect that InnovAge Holding Corp. will post 0.07 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INNV. Deutsche Bank AG grew its stake in shares of InnovAge by 15.1% during the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock worth $66,000 after purchasing an additional 1,679 shares during the period. Kathmere Capital Management LLC boosted its holdings in InnovAge by 17.0% during the first quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock worth $125,000 after buying an additional 2,260 shares during the last quarter. Barclays PLC grew its position in shares of InnovAge by 10.6% during the 4th quarter. Barclays PLC now owns 31,591 shares of the company’s stock worth $164,000 after buying an additional 3,040 shares during the period. AQR Capital Management LLC grew its position in shares of InnovAge by 13.9% during the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock worth $133,000 after buying an additional 3,135 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after acquiring an additional 3,305 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.