InnovAge (NASDAQ:INNV) Shares Gap Up - Still a Buy?

Key Points

• InnovAge shares rose 2.7%, opening at $11.26 after closing at $10.72, and last traded near $11.25. The stock’s market capitalization is approximately $1.49 billion.
• Analyst sentiment remains cautious: InnovAge has a consensus rating of “Reduce” from four analysts, with an average price target of $10.00, despite KeyCorp upgrading the stock to “overweight” with a $13 target.
• Institutional ownership stands at 12.26%, with firms including Bank of America, Goldman Sachs and Jane Street recently increasing their positions. InnovAge provides integrated medical, social and long-term care services to seniors through the PACE program.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $10.72, but opened at $11.26. InnovAge shares last traded at $11.25, with a volume of 86,609 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on INNV shares. Zacks Research downgraded shares of InnovAge from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 24th. Wall Street Zen cut shares of InnovAge from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of InnovAge in a research note on Thursday, August 13th. Finally, KeyCorp upgraded InnovAge from a "sector weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a research note on Friday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, InnovAge currently has a consensus rating of "Reduce" and an average target price of $10.00.

InnovAge Trading Up 2.7%

The firm's 50-day simple moving average is $10.93 and its 200 day simple moving average is $9.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -122.33 and a beta of 0.39.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its holdings 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 purchasing an additional 5,936 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of InnovAge during the first quarter worth $166,000. Goldman Sachs Group Inc. grew its stake in shares of InnovAge by 41.2% during the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company's stock worth $283,000 after buying an additional 27,674 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of InnovAge by 18.9% in the 1st quarter. Jane Street Group LLC now owns 46,827 shares of the company's stock valued at $140,000 after acquiring an additional 7,429 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of InnovAge in the 1st quarter valued at $186,000. 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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