InnovAge (NASDAQ:INNV) Stock Price Down 8.1% – Time to Sell?

InnovAge Holding Corp. (NASDAQ:INNV) shares were down 8.1% during mid-day trading on Thursday . The stock traded as low as $9.37 and last traded at $9.74. Approximately 347,870 shares changed hands during trading, an increase of 21% from the average daily volume of 287,525 shares. The stock had previously closed at $10.60.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INNV. Wall Street Zen raised InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Zacks Research raised shares of InnovAge from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. JPMorgan Chase & Co. upped their target price on shares of InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a report on Monday, February 23rd. Finally, Weiss Ratings raised InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, February 5th. One investment 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 stock presently has an average rating of “Hold” and a consensus price target of $7.00.

InnovAge Price Performance

The company has a market cap of $1.29 billion, a P/E ratio of 189.84 and a beta of 0.46. The firm’s 50-day moving average is $6.87 and its two-hundred day moving average is $5.59. 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 (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. The business had revenue of $239.71 million during the quarter, compared to analysts’ expectations of $228.30 million. Analysts anticipate that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INNV. Deutsche Bank AG lifted its stake in shares of InnovAge by 15.1% in the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after purchasing an additional 1,679 shares during the last quarter. Barclays PLC increased its position in shares of InnovAge by 10.6% during the 4th quarter. Barclays PLC now owns 31,591 shares of the company’s stock valued at $164,000 after purchasing an additional 3,040 shares during the last quarter. AQR Capital Management LLC raised its holdings in InnovAge by 13.9% during the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock valued at $133,000 after buying an additional 3,135 shares during the period. JPMorgan Chase & Co. lifted its position in InnovAge by 26.0% in the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after buying an additional 3,305 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in InnovAge by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after buying an additional 4,239 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.