Renaissance Technologies LLC Acquires 186,117 Shares of InnovAge Holding Corp. $INNV

Renaissance Technologies LLC grew its holdings in shares of InnovAge Holding Corp. (NASDAQ:INNV) by 100.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 370,817 shares of the company’s stock after purchasing an additional 186,117 shares during the quarter. Renaissance Technologies LLC owned approximately 0.27% of InnovAge worth $2,974,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE grew its position in InnovAge by 42.4% during the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after buying an additional 5,936 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in InnovAge in the first quarter worth about $166,000. Goldman Sachs Group Inc. boosted its stake in InnovAge by 41.2% in the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock valued at $283,000 after acquiring an additional 27,674 shares during the last quarter. Jane Street Group LLC boosted its stake in InnovAge by 18.9% in the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock valued at $140,000 after acquiring an additional 7,429 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of InnovAge during the 1st quarter valued at approximately $186,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Price Performance

Shares of NASDAQ:INNV opened at $11.18 on Friday. The firm has a market capitalization of $1.52 billion, a PE ratio of -124.22 and a beta of 0.39. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average price of $10.37 and a two-hundred day moving average price of $8.72. InnovAge Holding Corp. has a twelve month low of $3.17 and a twelve month high of $12.64.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on INNV shares. Weiss Ratings cut shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Zacks Research lowered 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 equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell” and an average price target of $7.00.

InnovAge 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.