InnovAge (NASDAQ:INNV) Stock Price Up 8.5% After Analyst Upgrade

InnovAge Holding Corp. (NASDAQ:INNV) shares were up 8.5% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. InnovAge traded as high as $8.80 and last traded at $8.8540. Approximately 49,382 shares were traded during trading, a decline of 80% from the average daily volume of 245,237 shares. The stock had previously closed at $8.16.

A number of other research firms have also recently commented on INNV. 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 raised InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $7.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of InnovAge during the 2nd quarter valued at about $32,000. State of Alaska Department of Revenue acquired a new position in InnovAge in the 3rd quarter valued at about $33,000. CIBC Asset Management Inc purchased a new stake in shares of InnovAge in the 4th quarter valued at approximately $57,000. Invesco Ltd. acquired a new stake in shares of InnovAge during the 4th quarter worth approximately $57,000. Finally, Deutsche Bank AG raised its position in shares of InnovAge by 15.1% during the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after buying an additional 1,679 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

InnovAge Stock Up 9.8%

The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 179.24 and a beta of 0.57. 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 business has a fifty day moving average of $6.30 and a 200 day moving average of $5.28.

InnovAge (NASDAQ:INNV) last posted its earnings results on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company 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%. As a group, equities analysts predict that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

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.