InnovAge (NASDAQ:INNV) Downgraded to Buy Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded InnovAge from “strong-buy” to “buy,” while analyst opinions remain mixed. MarketBeat reports a consensus rating of “Reduce” and an average price target of $10.50.
• InnovAge reported quarterly EPS of $0.06, below the $0.07 consensus estimate, but revenue of $261.95 million exceeded expectations of $238.33 million.
• Shares opened at $10.92, near their 12-month high of $12.64, while institutional investors and hedge funds collectively own 12.26% of the company.

InnovAge (NASDAQ:INNV - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Sunday, Wall Street Zen reports.

INNV has been the subject of several other reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. KeyCorp raised their target price on shares of InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, InnovAge presently has a consensus rating of "Reduce" and a consensus target price of $10.50.

InnovAge Stock Performance

Shares of InnovAge stock opened at $10.92 on Friday. The company has a market capitalization of $1.49 billion, a PE ratio of -546.00 and a beta of 0.40. InnovAge has a 12 month low of $3.93 and a 12 month high of $12.64. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The stock's fifty day simple moving average is $11.04 and its 200 day simple moving average is $9.44.

InnovAge (NASDAQ:INNV - Get Free Report) last posted its earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The business had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. On average, research analysts predict that InnovAge will post 0.43 EPS for the current year.

Institutional Investors Weigh In On InnovAge

Hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new position in InnovAge during the 2nd quarter worth approximately $25,000. Baron Wealth Management LLC bought a new stake in InnovAge during the 1st quarter worth about $104,000. Kathmere Capital Management LLC boosted its stake in shares of InnovAge by 17.0% during the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company's stock worth $125,000 after buying an additional 2,260 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of InnovAge during the 2nd quarter worth about $142,000. Finally, Virtus Advisers LLC bought a new position in shares of InnovAge in the 2nd quarter valued at about $207,000. Institutional investors and hedge funds own 12.26% of the company's stock.

InnovAge Company Profile

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company's services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.

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