Short Interest in InnovAge Holding Corp. (NASDAQ:INNV) Expands By 23.0%

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 331,927 shares, a growth of 23.0% from the February 26th total of 269,831 shares. Based on an average daily volume of 379,327 shares, the short-interest ratio is currently 0.9 days. Currently, 0.2% of the shares of the company are short sold.

Institutional Trading of InnovAge

Several institutional investors have recently added to or reduced their stakes in INNV. Bank of America Corp DE boosted its position in shares of InnovAge by 42.4% during the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after purchasing an additional 5,936 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in InnovAge in the first quarter worth approximately $166,000. Goldman Sachs Group Inc. lifted 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 buying an additional 27,674 shares during the period. Jane Street Group LLC boosted its holdings in shares of InnovAge by 18.9% during the 1st quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after buying an additional 7,429 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of InnovAge during the 1st quarter worth approximately $186,000. 12.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings upgraded shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, February 5th. Zacks Research upgraded InnovAge from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Finally, JPMorgan Chase & Co. lifted their price objective on InnovAge from $5.00 to $7.00 and gave the company an “underweight” rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, InnovAge currently has an average rating of “Hold” and a consensus target price of $7.00.

InnovAge Price Performance

INNV traded down $0.04 during trading on Monday, hitting $7.87. 296,505 shares of the stock traded hands, compared to its average volume of 368,660. The business has a 50 day moving average price of $7.90 and a 200 day moving average price of $6.18. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. InnovAge has a twelve month low of $2.60 and a twelve month high of $10.69. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 157.43 and a beta of 0.45.

InnovAge (NASDAQ:INNV) last issued its earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $239.71 million for the quarter, compared to analyst estimates of $228.30 million. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. Equities research analysts forecast that InnovAge will post -0.12 earnings per share for the current fiscal year.

InnovAge Company 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.