InnovAge (NASDAQ:INNV) Earns Underweight Rating from Analysts at JPMorgan Chase & Co.

Key Points

• InnovAge has been given an underweight rating by JPMorgan Chase & Co., with a target price of $5.00, indicating a potential upside of only 0.40% from its current price.
• For the latest quarter, InnovAge reported a loss of ($0.01) earnings per share, exceeding the consensus estimate by $0.01, with revenues of $221.42 million.
• Institutional investors have increased their stakes in InnovAge, with Charles Schwab Investment Management and Bank of America growing their holdings by 2.8% and 42.4% respectively during recent quarters.

Investment analysts at JPMorgan Chase & Co. assumed coverage on shares of InnovAge (NASDAQ:INNV - Get Free Report) in a report released on Thursday, MarketBeat reports. The firm set an "underweight" rating and a $5.00 price target on the stock. JPMorgan Chase & Co.'s target price would indicate a potential downside of 1.86% from the company's current price.

InnovAge Stock Performance

Shares of INNV traded up $0.12 during mid-day trading on Thursday, hitting $5.10. 3,729 shares of the company's stock were exchanged, compared to its average volume of 45,726. InnovAge has a 52 week low of $2.60 and a 52 week high of $6.69. The stock's 50-day simple moving average is $3.86 and its 200-day simple moving average is $3.61. The firm has a market cap of $691.09 million, a price-to-earnings ratio of -22.15 and a beta of 0.52. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its earnings results on Tuesday, September 9th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. InnovAge had a negative net margin of 3.55% and a negative return on equity of 12.02%. The company had revenue of $221.42 million for the quarter, compared to analysts' expectations of $219.80 million. InnovAge has set its FY 2026 guidance at EPS. On average, equities research analysts expect that InnovAge will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in INNV. Northern Trust Corp increased its stake in InnovAge by 4.7% in the fourth quarter. Northern Trust Corp now owns 330,099 shares of the company's stock valued at $1,297,000 after acquiring an additional 14,900 shares during the last quarter. Jane Street Group LLC increased its stake in InnovAge by 230.6% in the fourth quarter. Jane Street Group LLC now owns 39,398 shares of the company's stock valued at $155,000 after acquiring an additional 27,481 shares during the last quarter. BNP Paribas Financial Markets bought a new position in InnovAge in the fourth quarter valued at approximately $123,000. Bank of America Corp DE increased its stake in InnovAge by 42.4% in the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company's stock valued at $78,000 after acquiring an additional 5,936 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in InnovAge in the fourth quarter valued at approximately $68,000. 12.26% of the stock is owned by institutional investors.

InnovAge Company Profile

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.