InnovAge (NASDAQ:INNV) Shares Gap Up on Strong Earnings

InnovAge Holding Corp. (NASDAQ:INNV) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.66, but opened at $6.50. InnovAge shares last traded at $7.21, with a volume of 172,270 shares traded.

The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. InnovAge had a return on equity of 2.60% and a net margin of 0.71%.The business had revenue of $239.71 million during the quarter, compared to analysts’ expectations of $228.30 million.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell” and an average price target of $5.00.

Insider Buying and Selling

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of the firm’s 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 sale, the chief operating officer directly owned 119,617 shares in the company, valued at approximately $586,123.30. This trade represents a 21.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On InnovAge

Several large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after buying an additional 3,305 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of InnovAge by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after acquiring an additional 4,239 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of InnovAge by 42.4% in 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 during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of InnovAge in the third quarter valued at approximately $33,000. Finally, Jane Street Group LLC lifted its position in shares of InnovAge by 18.9% in the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after purchasing an additional 7,429 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

InnovAge Price Performance

The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 149.43 and a beta of 0.57. The company’s fifty day moving average is $5.61 and its 200 day moving average is $4.90. The company has a quick ratio of 1.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.24.

About InnovAge

InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.

The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.