InnovAge (NASDAQ:INNV) Stock Price Up 4.9% – Still a Buy?

InnovAge Holding Corp. (NASDAQ:INNV) shares rose 4.9% during trading on Wednesday . The stock traded as high as $4.32 and last traded at $4.28. Approximately 7,600 shares were traded during trading, a decline of 80% from the average daily volume of 38,697 shares. The stock had previously closed at $4.08.

Analyst Ratings Changes

A number of brokerages have recently weighed in on INNV. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $5.00 price objective on shares of InnovAge in a research note on Tuesday. KeyCorp began coverage on InnovAge in a research report on Friday, October 11th. They issued a “sector weight” rating for the company.

InnovAge Stock Performance

The stock’s fifty day simple moving average is $5.35 and its 200-day simple moving average is $5.55. The company has a market capitalization of $548.59 million, a price-to-earnings ratio of -33.75 and a beta of 0.31. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The business had revenue of $205.14 million for the quarter, compared to analysts’ expectations of $203.35 million. During the same period last year, the firm earned ($0.08) earnings per share. Analysts predict that InnovAge Holding Corp. will post -0.06 EPS for the current year.

Hedge Funds Weigh In On InnovAge

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in InnovAge by 5.5% in the third quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after acquiring an additional 27,304 shares in the last quarter. State Street Corp increased its position in shares of InnovAge by 1.2% in the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after purchasing an additional 4,218 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of InnovAge by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after purchasing an additional 6,153 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of InnovAge by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of InnovAge by 27.1% during the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after purchasing an additional 12,448 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

About InnovAge

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.