InnovAge (NASDAQ:INNV) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded InnovAge from “hold” to “strong-buy,” but broader analyst sentiment remains cautious, with a consensus “reduce” rating and an average price target of $10.50.
• InnovAge shares opened at $10.75, with a market capitalization of approximately $1.46 billion and a 52-week range of $3.93 to $12.64.
• The company narrowly missed quarterly earnings expectations, reporting $0.06 per share versus $0.07 expected, though revenue of $261.95 million exceeded the $238.33 million consensus estimate.

InnovAge (NASDAQ:INNV - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other analysts have also recently issued reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. KeyCorp boosted their price target on InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $10.50.

InnovAge Price Performance

Shares of NASDAQ:INNV opened at $10.75 on Friday. The firm's 50 day moving average is $11.13 and its two-hundred day moving average is $9.37. InnovAge has a 52 week low of $3.93 and a 52 week high of $12.64. The firm has a market capitalization of $1.46 billion, a P/E ratio of -537.50 and a beta of 0.40. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.23.

InnovAge (NASDAQ:INNV - Get Free Report) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The business had revenue of $261.95 million for the quarter, compared to the consensus estimate of $238.33 million. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. Analysts anticipate that InnovAge will post 0.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG increased its stake in shares of InnovAge by 15.1% during the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company's stock valued at $66,000 after acquiring an additional 1,679 shares during the period. Legal & General Group Plc acquired a new stake in InnovAge in the second quarter worth approximately $25,000. Kathmere Capital Management LLC boosted its stake in InnovAge by 17.0% during the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company's stock valued at $125,000 after purchasing an additional 2,260 shares in the last quarter. California State Teachers Retirement System boosted its stake in InnovAge by 207.3% during the 2nd quarter. California State Teachers Retirement System now owns 3,365 shares of the company's stock valued at $40,000 after purchasing an additional 2,270 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of InnovAge by 10.6% in the 4th quarter. Barclays PLC now owns 31,591 shares of the company's stock worth $164,000 after buying an additional 3,040 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.