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

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price traded up 6.6% during trading on Tuesday . The company traded as high as $4.06 and last traded at $4.06. 1,588 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 53,333 shares. The stock had previously closed at $3.81.

Analyst Ratings Changes

Several analysts have issued reports on INNV shares. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $5.00 target price on shares of InnovAge in a research report on Tuesday, December 17th. KeyCorp initiated coverage on InnovAge in a research report on Friday, October 11th. They set a “sector weight” rating on the stock.

InnovAge Trading Up 2.4 %

The company’s 50 day simple moving average is $4.77 and its two-hundred day simple moving average is $5.47. The company has a market capitalization of $512.02 million, a price-to-earnings ratio of -31.50 and a beta of 0.37. 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 earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The firm had revenue of $205.14 million for the quarter, compared to the consensus estimate of $203.35 million. During the same period in the previous year, the business earned ($0.08) EPS. As a group, research analysts anticipate that InnovAge Holding Corp. will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of InnovAge

Institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers grew its holdings in shares of InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after buying an additional 1,793 shares during 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 acquiring an additional 4,100 shares during the period. State Street Corp grew its stake in InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after purchasing an additional 4,218 shares during the last quarter. Charles Schwab Investment Management Inc. increased 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 purchasing an additional 6,153 shares during the period. Finally, Bank of New York Mellon Corp raised its stake 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 worth $289,000 after purchasing an additional 12,448 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.