InnovAge (NASDAQ:INNV) Trading 6.6% Higher – Still a Buy?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price traded up 6.6% on Thursday . The stock traded as high as $12.35 and last traded at $12.3430. 83,409 shares were traded during trading, a decline of 74% from the average session volume of 317,650 shares. The stock had previously closed at $11.58.

Analyst Upgrades and Downgrades

INNV has been the subject of several recent research reports. Wall Street Zen lowered shares of InnovAge from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Weiss Ratings downgraded InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Finally, Zacks Research lowered InnovAge from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. 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.com, the company presently has a consensus rating of “Sell” and a consensus price target of $7.00.

InnovAge Stock Performance

The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -133.78 and a beta of 0.36. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.26. The stock’s 50-day simple moving average is $9.02 and its 200 day simple moving average is $8.03.

InnovAge (NASDAQ:INNV) last issued 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). The firm had revenue of $251.94 million for the quarter, compared to the consensus estimate of $234.34 million. InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%. Analysts expect that InnovAge Holding Corp. will post 0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

A number of large investors have recently bought and sold shares of the business. Bank of America Corp DE increased its holdings in InnovAge by 150.0% during the 1st quarter. Bank of America Corp DE now owns 53,307 shares of the company’s stock valued at $428,000 after purchasing an additional 31,981 shares in the last quarter. Janus Henderson Group PLC bought a new stake in shares of InnovAge during the first quarter worth $971,000. Lazard Asset Management LLC bought a new stake in shares of InnovAge during the first quarter worth $516,000. Renaissance Technologies LLC increased its stake in shares of InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after buying an additional 186,117 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of InnovAge in the first quarter valued at $3,349,000. 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.