InnovAge (NASDAQ:INNV) Raised to “Strong-Buy” at Zacks Research

InnovAge (NASDAQ:INNV) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other analysts have also issued reports about the company. Wall Street Zen raised InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.00.

InnovAge Price Performance

InnovAge stock opened at $7.47 on Wednesday. The stock has a 50-day moving average price of $5.61 and a two-hundred day moving average price of $4.90. InnovAge has a 12 month low of $2.60 and a 12 month high of $8.09. The company has a market capitalization of $1.01 billion, a PE ratio of 149.43 and a beta of 0.57. The company has a current ratio of 1.26, a quick ratio of 1.17 and a debt-to-equity ratio of 0.24.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $239.71 million during 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%. Analysts expect that InnovAge will post -0.12 EPS for the current year.

Insider Activity at InnovAge

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of InnovAge stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $4.90, for a total transaction of $161,700.00. Following the transaction, the chief operating officer owned 119,617 shares of the company’s stock, valued at $586,123.30. This trade represents a 21.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INNV. Winnow Wealth LLC purchased a new stake in shares of InnovAge during the second quarter worth $369,000. Los Angeles Capital Management LLC purchased a new position in shares of InnovAge in the second quarter valued at $110,000. Ritholtz Wealth Management bought a new stake in shares of InnovAge during the 4th quarter valued at $857,000. JPMorgan Chase & Co. raised its stake in shares of InnovAge by 26.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after purchasing an additional 3,305 shares during the period. Finally, Strs Ohio purchased a new stake in InnovAge during the 1st quarter worth about $186,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.