InnovAge Holding Corp. (NASDAQ:INNV) Sees Significant Growth in Short Interest

Key Points

• Short interest jumped 22.4% in April to 701,414 shares as of April 15, implying a short-interest ratio of about 2.7 days and roughly 0.5% of the company's shares sold short.
• Analyst sentiment is muted with a MarketBeat consensus rating of "Reduce" and a $7.00 consensus target price; two analysts rate INNV as Hold and one as Sell, while JPMorgan raised its price objective to $7 but kept an Underweight rating.
• Shares trade near $8.07 with a $1.10 billion market cap and a high forward valuation (PE ~161); the company recently beat quarterly estimates with $0.08 EPS (vs. $0.04 expected) and $239.7M revenue, and analysts forecast ~0.25 EPS for the year.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) was the target of a significant increase in short interest during the month of April. As of April 15th, there was short interest totaling 701,414 shares, an increase of 22.4% from the March 31st total of 572,966 shares. Based on an average daily volume of 264,457 shares, the short-interest ratio is currently 2.7 days. Approximately 0.5% of the shares of the company are sold short.

Analyst Ratings Changes

INNV has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on InnovAge from $5.00 to $7.00 and gave the stock an "underweight" rating in a research report on Monday, February 23rd. Zacks Research cut InnovAge from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 24th. Finally, Weiss Ratings raised InnovAge from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, February 5th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, InnovAge presently has a consensus rating of "Reduce" and a consensus target price of $7.00.

InnovAge Stock Down 2.4%

Shares of NASDAQ INNV opened at $8.07 on Thursday. InnovAge has a one year low of $2.84 and a one year high of $10.69. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. The business's fifty day moving average price is $8.35 and its 200-day moving average price is $6.63. The stock has a market capitalization of $1.10 billion, a PE ratio of 161.43 and a beta of 0.50.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. InnovAge had a return on equity of 2.60% and a net margin of 0.71%.The firm had revenue of $239.71 million for the quarter, compared to analysts' expectations of $228.30 million. On average, equities research analysts anticipate that InnovAge will post 0.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Ritholtz Wealth Management purchased a new position in shares of InnovAge during the 4th quarter valued at $857,000. Virtu Financial LLC purchased a new position in shares of InnovAge during the 4th quarter valued at $100,000. JPMorgan Chase & Co. lifted its position in shares of InnovAge by 26.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company's stock valued at $83,000 after buying an additional 3,305 shares during the last quarter. Bank of America Corp DE lifted its position in shares of InnovAge by 42.4% during the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company's stock valued at $78,000 after buying an additional 5,936 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of InnovAge during the 4th quarter valued at $57,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

About InnovAge

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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