InnovAge (NASDAQ:INNV) Stock Price Down 6.1% – Time to Sell?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price dropped 6.1% during trading on Wednesday . The stock traded as low as $8.02 and last traded at $7.96. Approximately 92,973 shares were traded during trading, a decline of 62% from the average daily volume of 246,731 shares. The stock had previously closed at $8.48.

Analysts Set New Price Targets

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

InnovAge Stock Down 5.9%

The business has a 50-day moving average price of $6.14 and a 200-day moving average price of $5.18. The stock has a market cap of $1.08 billion, a PE ratio of 159.63 and a beta of 0.57. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24.

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

Hedge Funds Weigh In On InnovAge

Several large investors have recently modified their holdings of INNV. State of Alaska Department of Revenue purchased a new position in InnovAge during the 3rd quarter worth approximately $33,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of InnovAge in the 2nd quarter worth $32,000. CIBC Asset Management Inc acquired a new position in InnovAge during the fourth quarter worth $57,000. Deutsche Bank AG lifted its holdings in InnovAge by 15.1% in the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after acquiring an additional 1,679 shares during the period. Finally, Kathmere Capital Management LLC acquired a new position in shares of InnovAge during the 4th quarter worth $69,000. Institutional investors and hedge funds 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.