InnovAge (NASDAQ:INNV) Trading Up 6.6% – Should You Buy?

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price was up 6.6% during mid-day trading on Thursday . The company traded as high as $12.35 and last traded at $12.3430. 83,409 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 317,650 shares. The stock had previously closed at $11.58.

Analyst Ratings Changes

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

InnovAge Trading Up 3.9%

The company has a market capitalization of $1.63 billion, a P/E ratio of -133.78 and a beta of 0.36. The company has a 50-day simple moving average of $9.02 and a 200 day simple moving average of $8.03. 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 (NASDAQ:INNV) last released its 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 net margin of 1.22% and a negative return on equity of 4.73%. Sell-side analysts expect that InnovAge Holding Corp. will post 0.07 earnings per share for the current year.

Institutional Trading of InnovAge

Several institutional investors have recently modified their holdings of INNV. Invesco Ltd. acquired a new position in shares of InnovAge in the fourth quarter valued at $57,000. CIBC Asset Management Inc acquired a new stake in InnovAge during the fourth quarter worth $57,000. Deutsche Bank AG boosted its stake in InnovAge by 15.1% during the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock worth $66,000 after buying an additional 1,679 shares in the last quarter. Baron Wealth Management LLC bought a new stake in InnovAge in the 1st quarter valued at $104,000. Finally, Kathmere Capital Management LLC bought a new stake in InnovAge in the 4th quarter valued at $69,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.