InnovAge (NASDAQ:INNV) Sets New 52-Week High – Still a Buy?

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $6.26 and last traded at $5.69, with a volume of 750921 shares trading hands. The stock had previously closed at $5.42.

Analyst Ratings Changes

Several brokerages have issued reports on INNV. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Wednesday, October 8th. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Finally, JPMorgan Chase & Co. began coverage on InnovAge in a research report on Thursday, September 18th. They set an “underweight” rating and a $5.00 price objective for the company. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell” and a consensus target price of $5.00.

InnovAge Price Performance

The company has a market capitalization of $772.02 million, a price-to-earnings ratio of -43.77 and a beta of 0.59. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.25. The company’s 50 day simple moving average is $4.97 and its 200-day simple moving average is $4.20.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. InnovAge had a negative net margin of 1.96% and a negative return on equity of 7.02%. The business had revenue of $236.11 million for the quarter, compared to the consensus estimate of $226.64 million. InnovAge has set its FY 2026 guidance at EPS. On average, equities research analysts predict that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in InnovAge by 42.4% in the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after purchasing an additional 5,936 shares during the last quarter. Welch Capital Partners LLC NY grew its holdings in InnovAge by 8.4% in the 1st quarter. Welch Capital Partners LLC NY now owns 365,907 shares of the company’s stock valued at $1,090,000 after buying an additional 28,349 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in InnovAge by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company’s stock valued at $490,000 after buying an additional 4,535 shares during the period. Nuveen LLC acquired a new position in shares of InnovAge during the 1st quarter valued at about $159,000. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in shares of InnovAge by 4.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,259,843 shares of the company’s stock worth $15,675,000 after acquiring an additional 222,155 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.