Arrowstreet Capital Limited Partnership Acquires New Holdings in InnovAge Holding Corp. $INNV

Arrowstreet Capital Limited Partnership bought a new stake in InnovAge Holding Corp. (NASDAQ:INNV - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 417,538 shares of the company's stock, valued at approximately $3,349,000. Arrowstreet Capital Limited Partnership owned about 0.31% of InnovAge as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of INNV. Deutsche Bank AG raised its holdings in 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 buying an additional 1,679 shares in the last quarter. Kathmere Capital Management LLC grew its stake in InnovAge by 17.0% in the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company's stock valued at $125,000 after buying an additional 2,260 shares during the last quarter. Barclays PLC grew its stake in InnovAge by 10.6% in the 4th quarter. Barclays PLC now owns 31,591 shares of the company's stock valued at $164,000 after buying an additional 3,040 shares during the last quarter. AQR Capital Management LLC raised its holdings in InnovAge by 13.9% in the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company's stock worth $133,000 after acquiring an additional 3,135 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings 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 acquiring an additional 3,305 shares during the period. Institutional investors and hedge funds own 12.26% of the company's stock.

Wall Street Analyst Weigh In

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

InnovAge Trading Down 3.4%

INNV stock opened at $10.85 on Wednesday. The business has a fifty day moving average price of $10.16 and a 200 day moving average price of $8.63. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03. InnovAge Holding Corp. has a fifty-two week low of $3.17 and a fifty-two week high of $12.64. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -120.56 and a beta of 0.39.

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