InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Up 23.0% in March

InnovAge Holding Corp. (NASDAQ:INNV) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 331,927 shares, a growth of 23.0% from the February 26th total of 269,831 shares. Based on an average daily trading volume, of 379,327 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.2% of the company’s shares are sold short.

InnovAge Price Performance

Shares of NASDAQ INNV traded up $0.15 during mid-day trading on Tuesday, reaching $8.02. 266,766 shares of the company traded hands, compared to its average volume of 365,102. The stock has a fifty day simple moving average of $7.94 and a 200-day simple moving average of $6.20. The firm has a market cap of $1.09 billion, a PE ratio of 160.43 and a beta of 0.46. InnovAge has a fifty-two week low of $2.60 and a fifty-two week high of $10.69. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. The company had revenue of $239.71 million during the quarter, compared to the consensus estimate of $228.30 million. Equities research analysts anticipate that InnovAge will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Large investors have recently made changes to their positions in the business. Bank of America Corp DE increased its position in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after purchasing an additional 5,936 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of InnovAge in the 1st quarter valued at approximately $166,000. Goldman Sachs Group Inc. grew its stake in shares of InnovAge by 41.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock valued at $283,000 after buying an additional 27,674 shares in the last quarter. Jane Street Group LLC increased its holdings in InnovAge by 18.9% in the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after buying an additional 7,429 shares during the last quarter. Finally, Strs Ohio bought a new position in InnovAge during the first quarter valued at approximately $186,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Weiss Ratings raised InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, February 5th. Zacks Research upgraded InnovAge from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Finally, JPMorgan Chase & Co. lifted their price target on InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $7.00.

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.