InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – Still a Buy?

InnovAge Holding Corp. (NASDAQ:INNV) shares saw unusually-strong trading volume on Wednesday . Approximately 116,752 shares were traded during trading, an increase of 127% from the previous session’s volume of 51,324 shares.The stock last traded at $3.77 and had previously closed at $3.77.

Wall Street Analysts Forecast Growth

A number of research firms have commented on INNV. KeyCorp started coverage on shares of InnovAge in a research note on Friday, October 11th. They issued a “sector weight” rating on the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $5.00 price objective on shares of InnovAge in a research report on Tuesday, December 17th.

InnovAge Trading Down 1.1 %

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27. The company’s fifty day moving average price is $4.17 and its two-hundred day moving average price is $5.32. The firm has a market cap of $505.27 million, a PE ratio of -31.08 and a beta of 0.37.

InnovAge (NASDAQ:INNV) last issued its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). The business had revenue of $205.14 million during the quarter, compared to the consensus estimate of $203.35 million. InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. During the same period in the prior year, the business posted ($0.08) EPS. As a group, sell-side 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 hedge funds and other institutional investors have recently modified their holdings of INNV. SG Americas Securities LLC acquired a new position in InnovAge during the fourth quarter worth about $43,000. JPMorgan Chase & Co. raised its position in shares of InnovAge by 191.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock worth $148,000 after purchasing an additional 16,217 shares during the last quarter. Barclays PLC lifted its stake in InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after buying an additional 19,029 shares in the last quarter. Renaissance Technologies LLC grew its holdings in InnovAge by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after buying an additional 4,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after buying an additional 6,153 shares in 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.