InnovAge (NASDAQ:INNV) Shares Up 6.6% – Time to Buy?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price rose 6.6% on Tuesday . The company traded as high as $4.06 and last traded at $4.06. Approximately 1,588 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 53,333 shares. The stock had previously closed at $3.81.

Analysts Set New Price Targets

Several equities analysts recently weighed in on INNV shares. JPMorgan Chase & Co. restated an “underweight” rating and issued a $5.00 price target on shares of InnovAge in a research note on Tuesday, December 17th. KeyCorp began coverage on InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Trading Up 2.4 %

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $4.77 and its 200-day moving average price is $5.47. The firm has a market cap of $512.02 million, a price-to-earnings ratio of -31.50 and a beta of 0.37.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $205.14 million during the quarter, compared to analysts’ expectations of $203.35 million. InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Equities analysts expect that InnovAge Holding Corp. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers raised its stake in InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares during the period. JPMorgan Chase & Co. raised its position in InnovAge by 191.5% in the third quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock valued at $148,000 after purchasing an additional 16,217 shares during the period. Barclays PLC lifted its stake in shares of InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after purchasing an additional 19,029 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after purchasing an additional 12,448 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of InnovAge by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.