InnovAge (NASDAQ:INNV) Shares Up 6.6% – Still a Buy?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price shot up 6.6% during mid-day trading on Tuesday . The stock traded as high as $4.06 and last traded at $4.06. 1,588 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 53,333 shares. The stock had previously closed at $3.81.

Analyst Ratings Changes

A number of analysts recently weighed in on INNV shares. KeyCorp began coverage on shares of InnovAge in a research report on Friday, October 11th. They set a “sector weight” rating for the company. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $5.00 target price on shares of InnovAge in a research report on Tuesday, December 17th.

InnovAge Trading Down 2.4 %

The business’s 50-day moving average price is $4.82 and its 200 day moving average price is $5.47. The firm has a market capitalization of $503.89 million, a price-to-earnings ratio of -31.00 and a beta of 0.37. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21.

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

Institutional Investors Weigh In On InnovAge

A number of institutional investors have recently modified their holdings of the business. Rhumbline Advisers grew its position in shares of InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after acquiring an additional 1,793 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of InnovAge by 191.5% in the third quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock valued at $148,000 after purchasing an additional 16,217 shares during the period. Barclays PLC increased its stake in shares of InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after purchasing an additional 19,029 shares during the period. Bank of New York Mellon Corp boosted its position 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 buying an additional 12,448 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in 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 buying an additional 4,100 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

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.