InnovAge (NASDAQ:INNV) Stock Price Down 6.1% – What’s Next?

InnovAge Holding Corp. (NASDAQ:INNV) shares traded down 6.1% on Wednesday . The company traded as low as $8.02 and last traded at $7.96. 92,973 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 246,731 shares. The stock had previously closed at $8.48.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Zacks Research upgraded InnovAge from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Finally, Weiss Ratings upgraded InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, February 5th. One 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 stock. According to data from MarketBeat, InnovAge presently has an average rating of “Hold” and a consensus price target of $5.00.

InnovAge Price Performance

The company’s 50-day simple moving average is $6.14 and its 200-day simple moving average is $5.18. 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 $1.08 billion, a price-to-earnings ratio of 159.63 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. InnovAge had a return on equity of 2.60% and a net margin of 0.71%.The company had revenue of $239.71 million during the quarter, compared to the consensus estimate of $228.30 million. On average, equities research analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Institutional Trading of InnovAge

A number of large investors have recently modified their holdings of INNV. XTX Topco Ltd bought a new stake in InnovAge during the fourth quarter worth approximately $144,000. AQR Capital Management LLC lifted its holdings in InnovAge by 13.9% in the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock valued at $133,000 after acquiring an additional 3,135 shares during the last quarter. State of Wisconsin Investment Board acquired a new position in shares of InnovAge in the 4th quarter worth approximately $137,000. Squarepoint Ops LLC bought a new stake in shares of InnovAge in the 4th quarter worth approximately $134,000. Finally, Barclays PLC boosted its holdings in InnovAge by 10.6% during the fourth quarter. Barclays PLC now owns 31,591 shares of the company’s stock worth $164,000 after buying an additional 3,040 shares in the last quarter. Institutional investors and hedge funds 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.