InnovAge (NASDAQ:INNV) Now Covered by 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.

JPMorgan Chase & Co. initiated coverage on shares of InnovAge (NASDAQ:INNV - Free Report) in a research note released on Thursday, MarketBeat.com reports. The brokerage issued an underweight rating and a $5.00 price target on the stock.

InnovAge Stock Up 3.7%

InnovAge stock traded up $0.17 during midday trading on Thursday, reaching $4.80. The company's stock had a trading volume of 11,383 shares, compared to its average volume of 46,106. The company has a market cap of $651.06 million, a P/E ratio of -20.87 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 has a fifty-two week low of $2.60 and a fifty-two week high of $6.69. The business has a 50-day simple moving average of $3.88 and a 200-day simple moving average of $3.64.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Northern Trust Corp raised its holdings in shares of InnovAge by 4.7% during 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 raised its holdings in InnovAge by 230.6% during the fourth quarter. Jane Street Group LLC now owns 39,398 shares of the company's stock worth $155,000 after purchasing an additional 27,481 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of InnovAge during the 4th quarter valued at $123,000. Bank of America Corp DE raised 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 valued at $78,000 after buying an additional 5,936 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in InnovAge in the fourth quarter worth about $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.