Dimensional Fund Advisors LP Increases Stock Position in InnovAge Holding Corp. $INNV

Key Points

• Dimensional Fund Advisors increased its InnovAge stake by 383.4% in the first quarter, holding 236,485 shares valued at approximately $1.9 million. Hedge funds and institutional investors collectively own 12.26% of the company.
• InnovAge shares opened at $10.65, with the stock trading between a 52-week low of $3.26 and high of $12.64. The company has a $1.45 billion market capitalization and a negative price-to-earnings ratio of -118.33.
• Analyst sentiment remains negative: InnovAge has a consensus rating of “Sell” from one Hold and two Sell ratings, with an average price target of $7.00—well below the reported share price.

Dimensional Fund Advisors LP grew its holdings in shares of InnovAge Holding Corp. (NASDAQ:INNV - Free Report) by 383.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 236,485 shares of the company's stock after buying an additional 187,567 shares during the period. Dimensional Fund Advisors LP owned 0.17% of InnovAge worth $1,896,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE increased its stake in shares of 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 acquiring an additional 5,936 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in InnovAge during the first quarter worth about $166,000. Goldman Sachs Group Inc. grew its holdings in InnovAge by 41.2% in the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company's stock worth $283,000 after purchasing an additional 27,674 shares during the period. Jane Street Group LLC grew its holdings in InnovAge by 18.9% in the first 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 during the period. Finally, Strs Ohio bought a new position in shares of InnovAge during the first quarter valued at approximately $186,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Stock Performance

Shares of InnovAge stock opened at $10.65 on Friday. InnovAge Holding Corp. has a 1 year low of $3.26 and a 1 year high of $12.64. The firm's 50-day moving average is $10.64 and its 200 day moving average is $8.87. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -118.33 and a beta of 0.39. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03.

Analysts Set New Price Targets

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

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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