InnovAge (NASDAQ:INNV) Stock Price Down 8.1% – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV) traded down 8.1% during trading on Thursday . The stock traded as low as $9.37 and last traded at $9.74. 347,870 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 287,525 shares. The stock had previously closed at $10.60.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Zacks Research upgraded InnovAge from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Weiss Ratings raised shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, February 5th. Wall Street Zen upgraded shares of InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of InnovAge from $5.00 to $7.00 and gave the company an “underweight” rating in a research report on Monday, February 23rd. One 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, the stock presently has a consensus rating of “Hold” and an average price target of $7.00.

InnovAge Trading Down 10.5%

The stock has a 50 day moving average of $6.87 and a 200 day moving average of $5.59. 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 $1.29 billion, a P/E ratio of 189.84 and a beta of 0.46.

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 analyst estimates of $228.30 million. InnovAge had a return on equity of 2.60% and a net margin of 0.71%. As a group, equities research analysts predict that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Institutional Trading of InnovAge

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INNV. Police & Firemen s Retirement System of New Jersey bought a new stake in InnovAge in the second quarter worth $32,000. State of Alaska Department of Revenue bought a new position in shares of InnovAge in the third quarter worth approximately $33,000. CIBC Asset Management Inc purchased a new stake in shares of InnovAge during the fourth quarter valued at approximately $57,000. Invesco Ltd. bought a new stake in shares of InnovAge during the fourth quarter valued at approximately $57,000. Finally, Deutsche Bank AG raised its holdings in InnovAge by 15.1% in the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock worth $66,000 after acquiring an additional 1,679 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.