Ritholtz Wealth Management Grows Holdings in InnovAge Holding Corp. $INNV

Ritholtz Wealth Management raised its position in InnovAge Holding Corp. (NASDAQ:INNV) by 50.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 248,072 shares of the company’s stock after buying an additional 83,006 shares during the period. Ritholtz Wealth Management owned 0.18% of InnovAge worth $1,990,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. boosted its stake in shares of InnovAge by 10.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock worth $32,014,000 after buying an additional 577,558 shares during the last quarter. Kent Lake PR LLC lifted its holdings 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 acquiring an additional 197,036 shares during the period. Vanguard Group Inc. lifted its holdings 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 acquiring an additional 4,239 shares during the period. Geode Capital Management LLC boosted its position in InnovAge by 3.0% in 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 last quarter. Finally, Welch Capital Partners LLC NY boosted its position in InnovAge by 22.6% in the second quarter. Welch Capital Partners LLC NY now owns 448,775 shares of the company’s stock worth $1,656,000 after purchasing an additional 82,868 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

Analysts Set New Price Targets

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

InnovAge Stock Up 4.3%

Shares of NASDAQ INNV opened at $10.79 on Friday. InnovAge Holding Corp. has a one year low of $3.13 and a one year high of $10.88. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03. The business’s fifty day moving average price is $8.06 and its 200-day moving average price is $7.45. The stock has a market capitalization of $1.46 billion, a PE ratio of -119.89 and a beta of 0.45.

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

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.