BlackRock Inc. Takes Position in InnovAge Holding Corp. $INNV

Key Points

• BlackRock acquired 1,489,609 shares of InnovAge in the second quarter, valued at approximately $17.65 million and representing a 1.10% stake.
• Other institutional investors also increased or initiated positions, bringing total institutional and hedge-fund ownership to 12.26%.
• Analyst sentiment remains cautious: InnovAge has a consensus rating of “Reduce” and an average price target of $10.00, versus a recent share price of $10.77.

BlackRock Inc. purchased a new stake in shares of InnovAge Holding Corp. (NASDAQ:INNV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,489,609 shares of the company's stock, valued at approximately $17,652,000. BlackRock Inc. owned 1.10% of InnovAge at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Invesco Ltd. purchased a new position in InnovAge in the 4th quarter worth approximately $57,000. CIBC Asset Management Inc bought a new position in InnovAge during the fourth quarter worth $57,000. Deutsche Bank AG boosted its holdings in shares of InnovAge by 15.1% in the 4th 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 during the period. Bank of America Corp DE grew its position in shares of 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 acquiring an additional 5,936 shares during the last quarter. Finally, JPMorgan Chase & Co. grew 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 buying an additional 3,305 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. KeyCorp raised InnovAge from a "sector weight" rating to an "overweight" rating and set a $13.00 price target for the company in a research note on Friday, August 21st. Wall Street Zen lowered InnovAge from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. 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 a consensus rating of "Reduce" and an average price target of $10.00.

InnovAge Stock Performance

INNV opened at $10.77 on Friday. The firm has a market capitalization of $1.46 billion, a P/E ratio of -119.67 and a beta of 0.40. InnovAge Holding Corp. has a 12-month low of $3.56 and a 12-month high of $12.64. The stock's 50 day moving average price is $11.24 and its two-hundred day moving average price is $9.27. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.26.

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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