InnovAge (NASDAQ:INNV) Trading Down 4.9% - Here's Why

Key Points

• Shares of InnovAge were trading down about 4.9% midday at $7.63 (from a prior close of $8.02), with roughly 76,257 shares changing hands — about 74% below the average session volume.
• Analyst sentiment is mixed: the consensus rating is Hold with an average price target of $7.00, while JPMorgan has an "underweight" $7 PT, Zacks rates it a "strong-buy," and Weiss upgraded to "hold."
• InnovAge beat quarterly estimates (EPS $0.08 vs. $0.04 and revenue $239.7M vs. $228.3M), but it still trades at a high PE (~150.6) and analysts project a -$0.12 EPS for the current year.

Shares of InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) traded down 4.9% during mid-day trading on Thursday . The stock traded as low as $7.44 and last traded at $7.6250. 76,257 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 297,514 shares. The stock had previously closed at $8.02.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on INNV shares. JPMorgan Chase & Co. increased their price target on InnovAge from $5.00 to $7.00 and gave the company an "underweight" rating in a research note on Monday, February 23rd. Weiss Ratings upgraded InnovAge from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, February 5th. Finally, Zacks Research raised shares of InnovAge from a "hold" rating to a "strong-buy" rating in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $7.00.

InnovAge Trading Down 6.0%

The company has a 50-day moving average of $7.99 and a 200 day moving average of $6.22. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. The company has a market cap of $1.02 billion, a PE ratio of 150.63 and a beta of 0.46.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. The business had revenue of $239.71 million for the quarter, compared to the consensus estimate of $228.30 million. InnovAge had a return on equity of 2.60% and a net margin of 0.71%. Analysts predict that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On InnovAge

Hedge funds and other institutional investors have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. increased its stake in InnovAge by 10.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company's stock worth $32,014,000 after purchasing an additional 577,558 shares during the period. Marshall Wace LLP purchased a new stake in shares of InnovAge during the fourth quarter valued at $1,512,000. O Shaughnessy Asset Management LLC boosted its stake in shares of InnovAge by 1,978.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 238,881 shares of the company's stock valued at $1,240,000 after purchasing an additional 227,387 shares during the period. Kent Lake PR LLC grew its holdings in shares of InnovAge by 13.1% in the second quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company's stock worth $6,262,000 after purchasing an additional 197,036 shares during the last quarter. Finally, Ritholtz Wealth Management purchased a new position in InnovAge in the 4th quarter worth about $857,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About InnovAge

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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