InnovAge Holding Corp. (NASDAQ:INNV) Sees Significant Increase in Short Interest

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 396,568 shares, a growth of 42.6% from the January 15th total of 278,014 shares. Currently, 0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 103,494 shares, the days-to-cover ratio is currently 3.8 days. Based on an average daily trading volume, of 103,494 shares, the days-to-cover ratio is currently 3.8 days. Currently, 0.3% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INNV. Wall Street Zen upgraded shares of InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Weiss Ratings raised shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, February 5th. Finally, Zacks Research upgraded InnovAge from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, InnovAge has a consensus rating of “Hold” and an average target price of $5.00.

InnovAge Trading Up 0.1%

Shares of NASDAQ:INNV traded up $0.01 during trading on Monday, reaching $8.36. The stock had a trading volume of 205,005 shares, compared to its average volume of 324,491. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.24. The stock has a market cap of $1.13 billion, a P/E ratio of 167.23 and a beta of 0.57. The business has a fifty day moving average price of $6.00 and a 200-day moving average price of $5.11. InnovAge has a fifty-two week low of $2.60 and a fifty-two week high of $9.18.

InnovAge (NASDAQ:INNV) last released its earnings results on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The firm had revenue of $239.71 million during 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%. As a group, analysts anticipate that InnovAge will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Several large investors have recently added to or reduced their stakes in INNV. Squarepoint Ops LLC purchased a new stake in InnovAge in the 4th quarter valued at about $134,000. Barclays PLC lifted its holdings in shares of InnovAge by 10.6% during the 4th quarter. Barclays PLC now owns 31,591 shares of the company’s stock worth $164,000 after acquiring an additional 3,040 shares during the period. Marshall Wace LLP acquired a new stake in shares of InnovAge in the fourth quarter worth approximately $1,512,000. State Street Corp grew its holdings in InnovAge by 6.6% in the fourth quarter. State Street Corp now owns 365,866 shares of the company’s stock valued at $1,899,000 after purchasing an additional 22,598 shares during the period. Finally, Wells Fargo & Company MN increased its position in InnovAge by 56.9% during the fourth quarter. Wells Fargo & Company MN now owns 22,470 shares of the company’s stock worth $117,000 after purchasing an additional 8,147 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.