Short Interest in InnovAge Holding Corp. (NASDAQ:INNV) Expands By 23.4%

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 331,100 shares, an increase of 23.4% from the January 31st total of 268,400 shares. Based on an average trading volume of 67,800 shares, the short-interest ratio is presently 4.9 days. Approximately 1.6% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. reissued an “underweight” rating and set a $5.00 target price on shares of InnovAge in a research note on Tuesday, December 17th.

InnovAge Price Performance

Shares of INNV stock traded up $0.05 during mid-day trading on Friday, hitting $3.49. The company had a trading volume of 10,284 shares, compared to its average volume of 45,256. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.16 and a quick ratio of 1.16. The stock’s 50 day moving average price is $3.57 and its 200-day moving average price is $4.84. InnovAge has a 52-week low of $3.12 and a 52-week high of $6.69. The company has a market capitalization of $471.33 million, a P/E ratio of -18.34 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, February 4th. The company reported ($0.10) EPS for the quarter. InnovAge had a negative return on equity of 9.45% and a negative net margin of 3.19%. Equities research analysts forecast that InnovAge will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INNV. Barclays PLC raised its holdings in shares of InnovAge by 13.6% during the 4th quarter. Barclays PLC now owns 29,099 shares of the company’s stock worth $115,000 after acquiring an additional 3,485 shares in the last quarter. State Street Corp increased its position in InnovAge by 1.2% in the third quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after purchasing an additional 4,218 shares during the last quarter. Bank of America Corp DE raised its stake in InnovAge by 42.4% during 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 in the last quarter. Charles Schwab Investment Management Inc. lifted 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 valued at $993,000 after purchasing an additional 6,153 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of InnovAge in the 4th quarter worth $43,000. 12.26% of the stock is 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.