InnovAge (NASDAQ:INNV) Trading Up 8.2% - Here's Why

Key Points

• InnovAge Holding Corp. saw its share price increase by 8.2% on Monday, reaching a last traded price of $4.93, with trading volume up by 33% from average levels.
• The company reported a net loss per share of ($0.01) for the recent quarter, surpassing analysts' expectations of ($0.02) and generating revenue of $221.42 million.
• Large investors, including T. Rowe Price and others, have recently increased their stakes in InnovAge, indicating growing institutional interest in the company.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) shot up 8.2% during mid-day trading on Monday . The company traded as high as $4.88 and last traded at $4.93. 60,478 shares were traded during trading, an increase of 33% from the average session volume of 45,536 shares. The stock had previously closed at $4.55.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. assumed coverage on shares of InnovAge in a research note on Thursday. They set an "underweight" rating and a $5.00 price target for the company. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $5.00.

InnovAge Stock Down 8.7%

The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.27. The company has a market cap of $628.01 million, a price-to-earnings ratio of -20.13 and a beta of 0.52. The stock has a fifty day moving average price of $3.88 and a two-hundred day moving average price of $3.63.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of INNV. Police & Firemen s Retirement System of New Jersey bought a new position in InnovAge in the second quarter valued at about $32,000. Squarepoint Ops LLC bought a new stake in shares of InnovAge during the fourth quarter worth about $68,000. Bank of America Corp DE grew its holdings 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 worth $78,000 after purchasing an additional 5,936 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of InnovAge during the second quarter worth about $110,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of InnovAge during the fourth quarter worth about $123,000. Institutional investors own 12.26% of the company's stock.

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.