Welch Capital Partners LLC NY Decreases Holdings in InnovAge Holding Corp. $INNV

Key Points

• Welch Capital Partners LLC NY cut its InnovAge Holding position by 50.4% in the first quarter, selling 203,600 shares and leaving it with 200,501 shares worth about $1.61 million.
• InnovAge reported a quarterly EPS loss of $0.22, missing analyst expectations, though revenue of $251.94 million came in above estimates.
• Sentiment on the stock remains weak: multiple analysts downgraded InnovAge, and MarketBeat data shows an average rating of Sell with a $7.00 consensus price target.

Welch Capital Partners LLC NY trimmed its position in InnovAge Holding Corp. (NASDAQ:INNV - Free Report) by 50.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 200,501 shares of the company's stock after selling 203,600 shares during the period. InnovAge makes up approximately 0.4% of Welch Capital Partners LLC NY's holdings, making the stock its 11th biggest holding. Welch Capital Partners LLC NY owned 0.15% of InnovAge worth $1,608,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of America Corp DE increased 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 purchasing an additional 5,936 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in InnovAge during the 1st quarter worth $166,000. Goldman Sachs Group Inc. grew its stake in InnovAge by 41.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company's stock worth $283,000 after buying an additional 27,674 shares during the last quarter. Jane Street Group LLC increased its position in InnovAge by 18.9% during the 1st 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 in the last quarter. Finally, Strs Ohio acquired a new position in InnovAge during the 1st quarter valued at about $186,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Stock Performance

NASDAQ:INNV opened at $11.50 on Monday. InnovAge Holding Corp. has a 12 month low of $3.13 and a 12 month high of $12.64. The firm has a fifty day simple moving average of $9.18 and a 200-day simple moving average of $8.12. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $1.56 billion, a P/E ratio of -127.78 and a beta of 0.36.

InnovAge (NASDAQ:INNV - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, equities research analysts anticipate that InnovAge Holding Corp. will post 0.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

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