InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – Here’s Why

InnovAge Holding Corp. (NASDAQ:INNV) shares saw an uptick in trading volume on Friday . 50,646 shares were traded during mid-day trading, an increase of 27% from the previous session’s volume of 39,869 shares.The stock last traded at $3.88 and had previously closed at $3.53.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INNV. KeyCorp began coverage on InnovAge in a report on Friday, October 11th. They set a “sector weight” rating on the stock. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $5.00 price target on shares of InnovAge in a research report on Tuesday.

InnovAge Stock Up 16.1 %

The stock has a market capitalization of $555.37 million, a P/E ratio of -34.17 and a beta of 0.31. The business has a 50-day simple moving average of $5.27 and a two-hundred day simple moving average of $5.52. 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 (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). The firm had revenue of $205.14 million during the quarter, compared to the consensus estimate 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 last year, the firm posted ($0.08) EPS. Equities research analysts forecast that InnovAge Holding Corp. will post -0.06 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. Rhumbline Advisers raised its position in InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after purchasing an additional 1,793 shares during the last quarter. Barclays PLC raised its holdings in shares of InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after buying an additional 19,029 shares during the last quarter. Bank of New York Mellon Corp lifted its position in InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after buying an additional 12,448 shares in the last quarter. Renaissance Technologies LLC lifted its position in InnovAge by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after buying an additional 4,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in InnovAge by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after acquiring an additional 6,153 shares during 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.