529,984 Shares in InnovAge Holding Corp. $INNV Bought by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management bought 529,984 shares of InnovAge Holding Corp. in Q1, a stake valued at about $4.25 million and representing roughly 0.39% of the company.
• InnovAge shares were up 3.0% to $11.61, near their 52-week high of $12.64, after trading between $3.13 and $12.64 over the past year.
• The company recently reported a Q1 EPS miss of -$0.22 versus expectations for $0.06, even though revenue of $251.94 million came in above estimates; analysts currently have a consensus Sell rating with a $7.00 price target.

Hillsdale Investment Management Inc. purchased a new stake in InnovAge Holding Corp. (NASDAQ:INNV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 529,984 shares of the company's stock, valued at approximately $4,250,000. Hillsdale Investment Management Inc. owned approximately 0.39% of InnovAge at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. CIBC Asset Management Inc acquired a new position in shares of InnovAge during the 4th quarter worth about $57,000. Invesco Ltd. acquired a new stake in shares of InnovAge during the 4th quarter worth about $57,000. Deutsche Bank AG raised its position in shares of InnovAge by 15.1% during the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company's stock worth $66,000 after acquiring an additional 1,679 shares in the last quarter. Kathmere Capital Management LLC purchased a new stake in InnovAge during the fourth quarter worth approximately $69,000. Finally, Bank of America Corp DE lifted its stake in InnovAge by 42.4% during the fourth 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 during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Stock Up 3.0%

INNV opened at $11.61 on Wednesday. The business's 50-day simple moving average is $8.95 and its 200-day simple moving average is $7.99. 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 Holding Corp. has a one year low of $3.13 and a one year high of $12.64. The stock has a market capitalization of $1.58 billion, a P/E ratio of -129.00 and a beta of 0.36.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.28). The firm had revenue of $251.94 million during the quarter, compared to analyst estimates of $234.34 million. InnovAge had a negative net margin of 1.22% and a negative return on equity of 4.73%. Analysts anticipate that InnovAge Holding Corp. will post 0.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on INNV. Weiss Ratings downgraded InnovAge from a "hold (c-)" rating to a "sell (d-)" rating in a report on Monday, May 18th. Wall Street Zen cut shares of InnovAge from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Finally, Zacks Research downgraded shares of InnovAge from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Sell" and a consensus price target of $7.00.

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.

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