InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – Should You Buy?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) saw an uptick in trading volume on Monday. Approximately 187,524 shares traded hands during mid-day trading, a decline of 46% from the previous session’s volume of 345,752 shares. The stock last traded at $9.0760 and had previously closed at $9.00.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on INNV shares. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, August 13th. KeyCorp lifted their price target on InnovAge from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 9th. Finally, Wall Street Zen lowered InnovAge from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 20th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $10.50.

InnovAge Trading Down 0.1%

The stock has a market capitalization of $1.23 billion, a P/E ratio of -449.70 and a beta of 0.40. The firm’s 50 day moving average price is $10.85 and its 200 day moving average price is $9.44. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05.

InnovAge (NASDAQ:INNV) last posted its earnings results on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The firm had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $238.33 million. InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%. As a group, equities research analysts expect that InnovAge Holding Corp. will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

Large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of InnovAge during the second quarter valued at approximately $17,652,000. Algert Global LLC lifted its stake in InnovAge by 844.1% in the second quarter. Algert Global LLC now owns 630,520 shares of the company’s stock worth $7,472,000 after acquiring an additional 563,735 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in InnovAge in the first quarter worth $4,250,000. Arrowstreet Capital Limited Partnership bought a new stake in InnovAge in the first quarter valued at $3,349,000. Finally, Renaissance Technologies LLC boosted its holdings in InnovAge by 100.8% in the first quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock valued at $2,974,000 after acquiring an additional 186,117 shares in the last quarter. 12.26% of the stock is currently owned by 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.