InnovAge (NASDAQ:INNV) Trading 8.5% Higher Following Analyst Upgrade

InnovAge Holding Corp. (NASDAQ:INNV) traded up 8.5% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. InnovAge traded as high as $8.80 and last traded at $8.8540. 49,382 shares traded hands during trading, a decline of 80% from the average session volume of 245,237 shares. The stock had previously closed at $8.16.

Other analysts have also issued reports about the company. Weiss Ratings raised InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, February 5th. Wall Street Zen raised InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Finally, Zacks Research raised InnovAge from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, InnovAge currently has an average rating of “Hold” and an average target price of $7.00.

Institutional Investors Weigh In On InnovAge

Institutional investors have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. raised its position in InnovAge by 10.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock valued at $32,014,000 after buying an additional 577,558 shares during the last quarter. Kent Lake PR LLC grew its stake in shares of InnovAge by 13.1% in the 2nd quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company’s stock worth $6,262,000 after acquiring an additional 197,036 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of InnovAge by 0.4% in 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. Geode Capital Management LLC raised its holdings in shares of InnovAge by 3.0% in the second quarter. Geode Capital Management LLC now owns 554,880 shares of the company’s stock valued at $2,048,000 after purchasing an additional 16,205 shares during the last quarter. Finally, Welch Capital Partners LLC NY lifted its position in shares of InnovAge by 22.6% during the second quarter. Welch Capital Partners LLC NY now owns 448,775 shares of the company’s stock valued at $1,656,000 after purchasing an additional 82,868 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. The firm’s fifty day moving average is $6.43 and its two-hundred day moving average is $5.36. The firm has a market capitalization of $1.21 billion, a PE ratio of 178.44 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $239.71 million during the quarter, compared to analyst estimates of $228.30 million. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. On average, equities analysts predict that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

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.