InnovAge (NASDAQ:INNV) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

InnovAge (NASDAQ:INNV) issued its earnings results on Tuesday. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01), Zacks reports. InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%.

InnovAge Price Performance

INNV stock traded down $0.23 during midday trading on Tuesday, reaching $10.52. 499,453 shares of the company’s stock traded hands, compared to its average volume of 299,678. The company has a 50-day simple moving average of $11.22 and a two-hundred day simple moving average of $9.31. InnovAge has a 1-year low of $3.82 and a 1-year high of $12.64. The company has a market cap of $1.43 billion, a price-to-earnings ratio of -116.89 and a beta of 0.40. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.26.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on INNV shares. KeyCorp raised shares of InnovAge from a “sector weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Friday, August 21st. Wall Street Zen lowered shares of InnovAge from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $10.00.

Institutional Trading of InnovAge

Several large investors have recently made changes to their positions in the business. Deutsche Bank AG raised its holdings in shares of 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 buying an additional 1,679 shares during the last quarter. Barclays PLC grew its holdings in InnovAge by 10.6% during the 4th quarter. Barclays PLC now owns 31,591 shares of the company’s stock worth $164,000 after acquiring an additional 3,040 shares during the last quarter. AQR Capital Management LLC increased its position in InnovAge by 13.9% in the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock valued at $133,000 after acquiring an additional 3,135 shares in the last quarter. JPMorgan Chase & Co. increased its position in InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after acquiring an additional 3,305 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of InnovAge by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after acquiring an additional 4,239 shares during the last quarter. 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.