InnovAge (NASDAQ:INNV) Rating Lowered to “Buy” at Wall Street Zen

InnovAge (NASDAQ:INNV) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Sunday, Wall Street Zen reports.

Several other analysts have also recently commented on INNV. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. KeyCorp lifted their target price on shares of InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 9th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $10.50.

InnovAge Stock Down 2.9%

INNV opened at $10.60 on Friday. The company has a market cap of $1.45 billion, a PE ratio of -530.00 and a beta of 0.40. InnovAge has a twelve month low of $3.93 and a twelve month high of $12.64. The company has a 50-day moving average price of $11.03 and a 200 day moving average price of $9.44. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%.The firm had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. Sell-side analysts expect that InnovAge will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

A number of large investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in shares of InnovAge during the 2nd quarter worth about $25,000. Kathmere Capital Management LLC lifted its position in InnovAge by 17.0% in the first quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock valued at $125,000 after buying an additional 2,260 shares during the last quarter. NewEdge Advisors LLC purchased a new position in InnovAge during the second quarter worth about $142,000. Baron Wealth Management LLC purchased a new position in InnovAge during the first quarter worth about $104,000. Finally, Virtus Advisers LLC acquired a new stake in shares of InnovAge during the second quarter valued at about $207,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About InnovAge

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company’s services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.