Inspire Investing LLC Makes New Investment in InnovAge Holding Corp. $INNV

Inspire Investing LLC acquired a new stake in shares of InnovAge Holding Corp. (NASDAQ:INNV) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 198,320 shares of the company’s stock, valued at approximately $1,591,000.

Other large investors have also modified their holdings of the company. T. Rowe Price Investment Management Inc. boosted its position in shares of InnovAge by 10.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock worth $32,014,000 after acquiring an additional 577,558 shares during the last quarter. Kent Lake PR LLC increased its position in InnovAge by 13.1% during the second quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company’s stock worth $6,262,000 after purchasing an additional 197,036 shares during the last quarter. Vanguard Group Inc. raised its stake in InnovAge by 0.4% during the third quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after purchasing an additional 4,239 shares during the period. Geode Capital Management LLC raised its stake in InnovAge by 3.0% during the second quarter. Geode Capital Management LLC now owns 554,880 shares of the company’s stock worth $2,048,000 after purchasing an additional 16,205 shares during the period. Finally, Welch Capital Partners LLC NY boosted its holdings in shares of InnovAge by 22.6% in the 2nd quarter. Welch Capital Partners LLC NY now owns 448,775 shares of the company’s stock valued at $1,656,000 after purchasing an additional 82,868 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INNV has been the subject of several research reports. Weiss Ratings cut shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Zacks Research cut InnovAge from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Finally, Wall Street Zen downgraded InnovAge from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Sell” and a consensus target price of $7.00.

InnovAge Price Performance

INNV stock opened at $11.71 on Thursday. The firm has a market cap of $1.59 billion, a P/E ratio of -130.11 and a beta of 0.35. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.03 and a current ratio of 1.03. InnovAge Holding Corp. has a 1 year low of $3.13 and a 1 year high of $12.64. The stock has a 50-day simple moving average of $8.27 and a 200-day simple moving average of $7.61.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.28). The company had revenue of $251.94 million for the quarter, compared to analyst estimates of $234.34 million. InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%. On average, equities analysts predict that InnovAge Holding Corp. will post 0.07 earnings per share for the current fiscal year.

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.