InnovAge’s (INNV) Underweight Rating Reaffirmed at JPMorgan Chase & Co.

InnovAge (NASDAQ:INNV)‘s stock had its “underweight” rating reaffirmed by analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $5.00 price objective on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 13.64% from the company’s previous close.

Separately, KeyCorp assumed coverage on InnovAge in a report on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Stock Down 0.9 %

Shares of NASDAQ INNV opened at $4.40 on Tuesday. The firm’s 50 day moving average price is $5.38 and its 200 day moving average price is $5.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market cap of $596.00 million, a P/E ratio of -36.67 and a beta of 0.31. InnovAge has a 1 year low of $3.52 and a 1 year high of $6.69.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. The company had revenue of $205.14 million during the quarter, compared to the consensus estimate of $203.35 million. During the same quarter in the prior year, the company posted ($0.08) EPS. As a group, sell-side analysts anticipate that InnovAge will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in shares of InnovAge by 289.0% during the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after buying an additional 19,029 shares during the last quarter. 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 boosted its stake in InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after acquiring an additional 4,218 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in InnovAge by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after acquiring an additional 6,153 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of InnovAge by 3.1% in 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. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.