InnovAge (NASDAQ:INNV) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

InnovAge (NASDAQ:INNV) issued its earnings results on Tuesday. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01), Zacks reports. InnovAge had a negative net margin of 1.22% and a negative return on equity of 4.73%.

InnovAge Price Performance

Shares of InnovAge stock traded down $0.23 during trading on Tuesday, hitting $10.52. The stock had a trading volume of 492,280 shares, compared to its average volume of 298,962. The business has a fifty day moving average of $11.22 and a two-hundred day moving average of $9.31. InnovAge has a fifty-two week low of $3.82 and a fifty-two week high of $12.64. The firm has a market cap of $1.43 billion, a P/E ratio of -116.89 and a beta of 0.40. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03.

Institutional Trading of InnovAge

A number of hedge funds and other institutional investors have recently made changes to their positions in INNV. CIBC Asset Management Inc acquired a new stake in shares of InnovAge during the fourth quarter worth $57,000. Invesco Ltd. purchased a new stake in shares of InnovAge in the 4th quarter valued at approximately $57,000. Deutsche Bank AG grew its position in InnovAge by 15.1% during the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock worth $66,000 after purchasing an additional 1,679 shares in the last quarter. Bank of America Corp DE boosted its position in shares of InnovAge by 42.4% in the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after buying an additional 5,936 shares during the period. Finally, JPMorgan Chase & Co. raised its position in InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after buying an additional 3,305 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on INNV shares. KeyCorp raised InnovAge from a “sector weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a report on Friday, August 21st. Wall Street Zen cut InnovAge from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $10.00.

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.