InnovAge (NASDAQ:INNV) Price Target Raised to $7.00

InnovAge (NASDAQ:INNV) had its target price boosted by JPMorgan Chase & Co. from $5.00 to $7.00 in a report published on Monday morning,Benzinga reports. They currently have an underweight rating on the stock.

Several other equities research analysts also recently issued reports on the stock. Wall Street Zen upgraded shares of InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Weiss Ratings upgraded InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, February 5th. Finally, Zacks Research upgraded InnovAge from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, InnovAge currently has a consensus rating of “Hold” and a consensus price target of $7.00.

InnovAge Trading Down 0.2%

NASDAQ INNV opened at $8.90 on Monday. InnovAge has a 12 month low of $2.60 and a 12 month high of $9.28. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average of $6.49 and a 200-day moving average of $5.38. The company has a market cap of $1.21 billion, a PE ratio of 178.04 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results 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. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. The firm had revenue of $239.71 million for the quarter, compared to analyst estimates of $228.30 million. On average, equities research analysts anticipate that InnovAge will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of InnovAge during the second quarter worth $32,000. State of Alaska Department of Revenue bought a new stake in InnovAge during the 3rd quarter worth $33,000. CIBC Asset Management Inc bought a new stake in InnovAge during the 4th quarter worth $57,000. Invesco Ltd. acquired a new position in InnovAge in the 4th quarter worth about $57,000. Finally, Deutsche Bank AG raised its position 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 purchasing an additional 1,679 shares during the last quarter. 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.