InnovAge (NASDAQ:INNV) Sees Strong Trading Volume - Here's What Happened

Key Points

• InnovAge shares traded actively, with 187,524 shares changing hands and the stock rising to $9.076 from a prior close of $9.00, though volume was down 46% from the previous session.
• Analyst sentiment remains cautious: the consensus rating is “Reduce”, based on one Buy, one Hold and two Sell ratings, with an average price target of $10.50. KeyCorp raised its target to $14 and assigned an Overweight rating.
• InnovAge’s latest quarterly results were mixed, with revenue of $261.95 million beating estimates but EPS of $0.06 falling short of the $0.07 consensus. Institutional investors own 12.26% of the company, with several major funds recently initiating or increasing positions.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) saw strong trading volume on Monday. 187,524 shares changed hands during mid-day trading, a decline of 46% from the previous session's volume of 345,752 shares. The stock last traded at $9.0760 and had previously closed at $9.00.

Analyst Ratings Changes

Several brokerages recently commented on INNV. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of InnovAge in a research note on Thursday, August 13th. KeyCorp upped their target price on shares of InnovAge from $13.00 to $14.00 and gave the stock an "overweight" rating in a report on Wednesday, September 9th. Finally, Wall Street Zen cut shares of InnovAge from a "strong-buy" rating to a "buy" rating in a research note on Sunday, September 20th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $10.50.

InnovAge Price Performance

The business has a 50 day simple moving average of $10.85 and a two-hundred day simple moving average of $9.44. The firm has a market capitalization of $1.23 billion, a P/E ratio of -449.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.05 and a current ratio of 1.05.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The business had revenue of $261.95 million for the quarter, compared to the consensus estimate of $238.33 million. InnovAge had a negative net margin of 0.26% and a negative return on equity of 1.03%. On average, sell-side analysts expect that InnovAge Holding Corp. will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On InnovAge

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in InnovAge in the 2nd quarter worth approximately $17,652,000. Algert Global LLC raised its stake in shares of InnovAge by 844.1% during the second quarter. Algert Global LLC now owns 630,520 shares of the company's stock worth $7,472,000 after acquiring an additional 563,735 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of InnovAge during the first quarter worth approximately $4,250,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of InnovAge in the 1st quarter worth approximately $3,349,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of InnovAge by 100.8% in the 1st quarter. Renaissance Technologies LLC now owns 370,817 shares of the company's stock worth $2,974,000 after acquiring an additional 186,117 shares during the last quarter. Institutional investors own 12.26% of the company's stock.

InnovAge Company Profile

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company's services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.

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