InnovAge Holding Corp. (NASDAQ:INNV) Sees Large Growth in Short Interest

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 396,568 shares, an increase of 42.6% from the January 15th total of 278,014 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily volume of 103,494 shares, the days-to-cover ratio is presently 3.8 days. Based on an average daily volume of 103,494 shares, the days-to-cover ratio is presently 3.8 days. Approximately 0.3% of the shares of the company are sold short.

InnovAge Stock Performance

INNV opened at $8.36 on Friday. The company has a 50 day simple moving average of $6.00 and a two-hundred day simple moving average of $5.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market cap of $1.13 billion, a P/E ratio of 167.23 and a beta of 0.57. InnovAge has a 1-year low of $2.60 and a 1-year high of $9.18.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $239.71 million for the quarter, compared to the consensus estimate of $228.30 million. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. Equities analysts forecast that InnovAge will post -0.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on INNV. Wall Street Zen upgraded shares of InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Weiss Ratings raised shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, February 5th. Finally, Zacks Research raised InnovAge from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.00.

Hedge Funds Weigh In On InnovAge

A number of hedge funds have recently made changes to their positions in INNV. Bank of America Corp DE raised its stake in InnovAge by 42.4% during the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after purchasing an additional 5,936 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in InnovAge during the 1st quarter valued at approximately $166,000. Goldman Sachs Group Inc. grew its holdings in InnovAge by 41.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock valued at $283,000 after buying an additional 27,674 shares in the last quarter. Jane Street Group LLC raised its position in shares of InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock valued at $140,000 after buying an additional 7,429 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of InnovAge in the first quarter worth $186,000. Institutional investors own 12.26% of the company’s stock.

InnovAge Company Profile

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.