InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Up 72.6% in March

Key Points

• Short interest up 72.6% — short interest rose to 572,966 shares as of March 31 (about 0.4% of shares), giving a short-interest ratio of roughly 1.7 days based on average daily volume.
• Analyst views are mixed with an average rating of "Hold" and an average price target of $7.00, despite recent divergent notes including a Zacks upgrade to Strong Buy and JPMorgan maintaining an Underweight while raising its target to $7.00.
• Shares traded at $8.03 (down 2.1%) with a $1.09 billion market cap; InnovAge recently beat quarterly EPS and revenue estimates but sell-side forecasts expect negative EPS (-0.12) for the current fiscal year.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totaling 572,966 shares, an increase of 72.6% from the March 15th total of 331,927 shares. Based on an average daily trading volume, of 340,287 shares, the short-interest ratio is currently 1.7 days. Approximately 0.4% of the company's shares are sold short.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on INNV. Zacks Research raised shares of InnovAge from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. increased their price target on shares of InnovAge from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Monday, February 23rd. Finally, Weiss Ratings raised shares of InnovAge from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, InnovAge presently has an average rating of "Hold" and an average price target of $7.00.

InnovAge Stock Down 2.1%

Shares of NASDAQ:INNV traded down $0.17 during trading on Monday, reaching $8.03. 99,919 shares of the stock traded hands, compared to its average volume of 297,357. The stock has a 50-day moving average of $8.30 and a two-hundred day moving average of $6.38. InnovAge has a 52-week low of $2.60 and a 52-week high of $10.69. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market cap of $1.09 billion, a P/E ratio of 160.49 and a beta of 0.50.

InnovAge (NASDAQ:INNV - Get Free Report) last posted 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. The firm had revenue of $239.71 million for the quarter, compared to analysts' expectations of $228.30 million. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. As a group, sell-side analysts expect that InnovAge will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

Several institutional investors have recently modified their holdings of the business. Virtu Financial LLC purchased a new stake in shares of InnovAge during the fourth quarter valued at $100,000. T. Rowe Price Investment Management Inc. boosted its position in shares of InnovAge by 10.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company's stock valued at $32,014,000 after buying an additional 577,558 shares during the last quarter. Invesco Ltd. purchased a new stake in shares of InnovAge during the fourth quarter valued at $57,000. XTX Topco Ltd purchased a new stake in shares of InnovAge during the fourth quarter valued at $144,000. Finally, AQR Capital Management LLC boosted its holdings in InnovAge by 13.9% in the fourth quarter. AQR Capital Management LLC now owns 25,695 shares of the company's stock worth $133,000 after purchasing an additional 3,135 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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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