InnovAge (NASDAQ:INNV) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded InnovAge from “strong-buy” to “buy”, adding to a generally cautious analyst backdrop for the stock.
• Recent analyst views remain mixed: Zacks cut the stock to hold, Weiss Ratings reiterated hold, and JPMorgan kept an underweight rating while raising its target price to $7.00.
• InnovAge reported a Q4 EPS loss of $0.22, missing estimates, even though revenue of $251.94 million beat expectations; the stock opened at $7.57 with a market cap of about $1.03 billion.

InnovAge (NASDAQ:INNV - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

A number of other equities analysts also recently commented on the stock. Zacks Research downgraded shares of InnovAge from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 24th. Weiss Ratings reiterated a "hold (c-)" rating on shares of InnovAge in a research note on Monday. Finally, JPMorgan Chase & Co. boosted their target price 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. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $7.00.

InnovAge Stock Performance

Shares of INNV stock opened at $7.57 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average price of $8.32 and a 200 day moving average price of $6.70. The company has a market cap of $1.03 billion, a P/E ratio of -84.11 and a beta of 0.49. InnovAge has a 12 month low of $3.13 and a 12 month high of $10.69.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.28). The firm had revenue of $251.94 million for the quarter, compared to analyst estimates of $234.35 million. InnovAge had a negative return on equity of 4.65% and a negative net margin of 1.22%. Sell-side analysts predict that InnovAge will post 0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Several hedge funds have recently made changes to their positions in the company. Deutsche Bank AG grew its holdings in shares of InnovAge by 15.1% during the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company's stock worth $66,000 after purchasing an additional 1,679 shares during the last quarter. Kathmere Capital Management LLC grew its holdings in shares of InnovAge by 17.0% during the first quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company's stock worth $125,000 after purchasing an additional 2,260 shares during the last quarter. Barclays PLC grew its holdings in shares of InnovAge by 10.6% during the fourth quarter. Barclays PLC now owns 31,591 shares of the company's stock worth $164,000 after purchasing an additional 3,040 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of InnovAge by 13.9% during 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. Finally, JPMorgan Chase & Co. grew its holdings in shares of InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company's stock worth $83,000 after purchasing an additional 3,305 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.

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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