Algert Global LLC Purchases 563,735 Shares of InnovAge Holding Corp. $INNV

Key Points

• Algert Global sharply increased its InnovAge position by purchasing 563,735 shares in the second quarter, bringing its holdings to 630,520 shares worth approximately $7.47 million, or 0.46% of the company.
• Institutional ownership of InnovAge stands at 12.26%, with several firms—including Bank of America, Goldman Sachs and Jane Street—also raising their positions or initiating stakes.
• Analyst sentiment remains cautious: InnovAge has an average “Reduce” rating and a $10 price target, compared with the stock’s reported opening price of $11.04.

Algert Global LLC grew its position in shares of InnovAge Holding Corp. (NASDAQ:INNV - Free Report) by 844.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 630,520 shares of the company's stock after buying an additional 563,735 shares during the period. Algert Global LLC owned 0.46% of InnovAge worth $7,472,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in INNV. Bank of America Corp DE boosted its holdings in shares of InnovAge by 42.4% in the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company's stock worth $78,000 after acquiring an additional 5,936 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in InnovAge in the 1st quarter worth about $166,000. Goldman Sachs Group Inc. grew its holdings in InnovAge by 41.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company's stock valued at $283,000 after buying an additional 27,674 shares in the last quarter. Jane Street Group LLC increased its position in shares of InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company's stock valued at $140,000 after buying an additional 7,429 shares during the period. Finally, Strs Ohio purchased a new stake in shares of InnovAge in the first quarter worth about $186,000. Institutional investors own 12.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of InnovAge in a report on Thursday, August 13th. KeyCorp raised InnovAge from a "sector weight" rating to an "overweight" rating and set a $13.00 price objective for the company in a research note on Friday, August 21st. Finally, Wall Street Zen cut InnovAge from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $10.00.

InnovAge Price Performance

INNV opened at $11.04 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03. The stock's 50 day simple moving average is $11.07 and its 200 day simple moving average is $9.17. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -122.67 and a beta of 0.39. InnovAge Holding Corp. has a 1 year low of $3.54 and a 1 year high of $12.64.

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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