InnovAge (NASDAQ:INNV) Shares Gap Up on Strong Earnings

InnovAge Holding Corp. (NASDAQ:INNV) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $5.66, but opened at $6.50. InnovAge shares last traded at $7.21, with a volume of 172,270 shares.

The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. InnovAge had a negative net margin of 1.96% and a negative return on equity of 7.02%. The company had revenue of $239.71 million during the quarter, compared to analysts’ expectations of $228.30 million.

Analyst Ratings Changes

INNV has been the topic of a number of research analyst reports. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell” and a consensus price target of $5.00.

Insiders Place Their Bets

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of the business’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $4.90, for a total transaction of $161,700.00. Following the sale, the chief operating officer directly owned 119,617 shares in the company, valued at approximately $586,123.30. The trade was a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On InnovAge

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after acquiring an additional 3,305 shares during the last quarter. Vanguard Group Inc. raised its position in shares of InnovAge by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after purchasing an additional 4,239 shares during the last quarter. Bank of America Corp DE lifted its stake in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after buying an additional 5,936 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in InnovAge during the 3rd quarter valued at $33,000. Finally, Jane Street Group LLC increased its position in InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after buying an additional 7,429 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

InnovAge Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.25. The stock has a fifty day moving average price of $5.50 and a two-hundred day moving average price of $4.86. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -56.77 and a beta of 0.57.

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.