165,066 Shares in InnovAge Holding Corp. $INNV Purchased by Ritholtz Wealth Management

Key Points

• Ritholtz Wealth Management bought a new position of 165,066 shares in InnovAge (INNV) during the fourth quarter, valued at about $857,000 and representing roughly 0.12% of the company.
• InnovAge recently beat quarterly estimates with $0.08 EPS (vs. $0.04 expected) and $239.7M revenue, but analysts remain mixed—MarketBeat shows an average rating of "Hold" and a consensus price target of $7.00 (one Strong Buy, one Hold, one Sell).
• The stock opened at $8.17, has a market cap of $1.11 billion, a 52-week range of $2.60–$10.69, and institutional investors own about 12.26% of the shares.

Ritholtz Wealth Management purchased a new position in InnovAge Holding Corp. (NASDAQ:INNV - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 165,066 shares of the company's stock, valued at approximately $857,000. Ritholtz Wealth Management owned approximately 0.12% of InnovAge at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of INNV. State of Alaska Department of Revenue bought a new position in InnovAge in the 3rd quarter worth about $33,000. Kathmere Capital Management LLC bought a new position in InnovAge in the 4th quarter worth about $69,000. Bank of America Corp DE boosted its stake in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company's stock worth $78,000 after purchasing an additional 5,936 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company's stock worth $83,000 after purchasing an additional 3,305 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in InnovAge by 18.9% in the 1st 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.

Wall Street Analyst Weigh In

INNV has been the subject of a number of recent analyst reports. Zacks Research raised InnovAge from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 4th. JPMorgan Chase & Co. boosted their target price on InnovAge from $5.00 to $7.00 and gave the stock an "underweight" rating in a research report on Monday, February 23rd. Finally, Weiss Ratings raised InnovAge from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $7.00.

InnovAge Price Performance

Shares of NASDAQ:INNV opened at $8.17 on Wednesday. InnovAge Holding Corp. has a fifty-two week low of $2.60 and a fifty-two week high of $10.69. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 163.43 and a beta of 0.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.26 and a current ratio of 1.26. The business has a 50-day simple moving average of $8.40 and a two-hundred day simple moving average of $6.42.

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

InnovAge 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.

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