InnovAge (NASDAQ:INNV) Trading 1% Higher – Should You Buy?

InnovAge Holding Corp. (NASDAQ:INNV) shares were up 1% during trading on Monday . The stock traded as high as $7.52 and last traded at $7.37. Approximately 338,112 shares changed hands during trading, an increase of 20% from the average daily volume of 282,076 shares. The stock had previously closed at $7.30.

Wall Street Analysts Forecast Growth

Several research analysts have commented on INNV shares. Zacks Research downgraded shares of InnovAge from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Wall Street Zen downgraded shares of InnovAge from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings downgraded shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Finally, JPMorgan Chase & Co. upped their price objective on InnovAge from $5.00 to $7.00 and gave the company an “underweight” rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Sell” and a consensus target price of $7.00.

InnovAge Stock Up 1.0%

The company has a fifty day moving average of $7.72 and a two-hundred day moving average of $7.06. The company has a market cap of $1.00 billion, a PE ratio of -81.89 and a beta of 0.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.03 and a current ratio of 1.03.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.28). InnovAge had a negative net margin of 1.22% and a negative return on equity of 4.73%. The company had revenue of $251.94 million for the quarter, compared to analysts’ expectations of $234.35 million. As a group, analysts anticipate that InnovAge Holding Corp. will post 0.07 earnings per share for the current fiscal year.

Institutional Trading of InnovAge

Several institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in InnovAge by 150.0% in the first quarter. Bank of America Corp DE now owns 53,307 shares of the company’s stock worth $428,000 after purchasing an additional 31,981 shares during the last quarter. Janus Henderson Group PLC bought a new stake in InnovAge in the first quarter worth about $971,000. Lazard Asset Management LLC bought a new stake in InnovAge in the first quarter worth about $516,000. Renaissance Technologies LLC lifted its stake in InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock worth $2,974,000 after purchasing an additional 186,117 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in InnovAge in the first quarter worth about $3,349,000. Institutional investors own 12.26% of the company’s stock.

InnovAge Company Profile

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.