InnovAge (NASDAQ:INNV) Shares Up 5.7% – Here’s Why

InnovAge Holding Corp. (NASDAQ:INNV) shares rose 5.7% on Monday . The company traded as high as $5.60 and last traded at $5.71. Approximately 161,335 shares changed hands during trading, an increase of 129% from the average daily volume of 70,521 shares. The stock had previously closed at $5.40.

Analyst Ratings Changes

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

InnovAge Stock Up 5.9%

The company has a 50-day moving average of $5.19 and a two-hundred day moving average of $4.45. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market capitalization of $797.80 million, a PE ratio of -45.23 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. InnovAge had a negative return on equity of 7.02% and a negative net margin of 1.96%.The firm had revenue of $236.11 million for the quarter, compared to the consensus estimate of $226.64 million. Sell-side analysts anticipate that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of InnovAge stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $4.90, for a total transaction of $161,700.00. Following the transaction, the chief operating officer owned 119,617 shares of the company’s stock, valued at $586,123.30. The trade was a 21.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of InnovAge

Several institutional investors and hedge funds have recently modified their holdings of INNV. Bank of America Corp DE boosted its holdings in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after buying an additional 5,936 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of InnovAge by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company’s stock valued at $490,000 after acquiring an additional 4,535 shares in the last quarter. Nuveen LLC bought a new position in shares of InnovAge in the first quarter worth about $159,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of InnovAge by 4.4% in the first 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. Finally, Topline Capital Management LLC grew its position in shares of InnovAge by 19.4% during the first quarter. Topline Capital Management LLC now owns 70,143 shares of the company’s stock worth $209,000 after purchasing an additional 11,403 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.