InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Update

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 331,927 shares, a growth of 23.0% from the February 26th total of 269,831 shares. Based on an average trading volume of 379,327 shares, the short-interest ratio is currently 0.9 days. Approximately 0.2% of the shares of the company are short sold.

InnovAge Price Performance

NASDAQ:INNV traded up $0.12 during trading hours on Wednesday, hitting $8.14. The stock had a trading volume of 68,111 shares, compared to its average volume of 298,328. The company has a 50 day simple moving average of $7.94 and a two-hundred day simple moving average of $6.20. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 162.73 and a beta of 0.46. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. InnovAge has a one year low of $2.60 and a one year high of $10.69.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. The firm had revenue of $239.71 million for the quarter, compared to analysts’ expectations of $228.30 million. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. Research analysts forecast that InnovAge will post -0.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on INNV shares. Weiss Ratings upgraded InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, February 5th. JPMorgan Chase & Co. raised their target price on InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a research note on Monday, February 23rd. Finally, Zacks Research raised 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 given a Sell rating to the company. Based on data from MarketBeat.com, InnovAge has an average rating of “Hold” and an average target price of $7.00.

Institutional Trading of InnovAge

Several institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new stake in shares of InnovAge during the 4th quarter valued at about $100,000. T. Rowe Price Investment Management Inc. raised 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 valued at $32,014,000 after purchasing an additional 577,558 shares in the last quarter. Invesco Ltd. purchased a new stake in InnovAge in the fourth quarter valued at approximately $57,000. XTX Topco Ltd bought a new stake in InnovAge during the fourth quarter valued at approximately $144,000. Finally, AQR Capital Management LLC grew its stake in InnovAge by 13.9% in the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock worth $133,000 after buying an additional 3,135 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.