InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Down 12.0% in December

InnovAge Holding Corp. (NASDAQ:INNV) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 272,900 shares, a decrease of 12.0% from the December 15th total of 310,000 shares. Approximately 1.3% of the company’s shares are short sold. Based on an average daily volume of 52,200 shares, the short-interest ratio is presently 5.2 days.

Hedge Funds Weigh In On InnovAge

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in shares of InnovAge by 5.5% in the third quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after acquiring an additional 27,304 shares during the period. State Street Corp boosted its holdings in shares of InnovAge by 1.2% in the third quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after acquiring an additional 4,218 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after acquiring an additional 6,153 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of InnovAge by 3.1% in the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after acquiring an additional 4,100 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of InnovAge by 27.1% in the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after acquiring an additional 12,448 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on INNV shares. KeyCorp started coverage on shares of InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating on the stock. JPMorgan Chase & Co. restated an “underweight” rating and set a $5.00 target price on shares of InnovAge in a research note on Tuesday, December 17th.

InnovAge Stock Performance

Shares of INNV stock traded down $0.09 during trading hours on Friday, reaching $3.57. 72,911 shares of the stock were exchanged, compared to its average volume of 78,982. The business’s fifty day moving average is $4.40 and its two-hundred day moving average is $5.39. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27. InnovAge has a 12-month low of $3.49 and a 12-month high of $6.69.

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). The company had revenue of $205.14 million for the quarter, compared to analyst estimates of $203.35 million. InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. During the same period in the prior year, the firm posted ($0.08) earnings per share. On average, sell-side analysts anticipate that InnovAge will post -0.06 EPS for the current fiscal year.

About InnovAge

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.