InnovAge (NASDAQ:INNV) Hits New 12-Month High – What’s Next?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $10.70 and last traded at $10.6330, with a volume of 22747 shares changing hands. The stock had previously closed at $10.35.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wall Street Zen cut InnovAge from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Zacks Research downgraded InnovAge from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Finally, Weiss Ratings lowered shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Sell” and an average target price of $7.00.

InnovAge Price Performance

The firm’s fifty day simple moving average is $8.00 and its 200 day simple moving average is $7.43. The firm has a market cap of $1.45 billion, a P/E ratio of -118.50 and a beta of 0.45. 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 issued its earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.28). InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%.The firm had revenue of $251.94 million during the quarter, compared to the consensus estimate of $234.34 million. As a group, analysts forecast that InnovAge Holding Corp. will post 0.07 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

Several institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its stake in InnovAge by 10.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock worth $32,014,000 after acquiring an additional 577,558 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of InnovAge during the 1st quarter valued at approximately $4,250,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of InnovAge in the first quarter valued at $3,349,000. Marshall Wace LLP purchased a new position in shares of InnovAge in the fourth quarter valued at $1,512,000. Finally, O Shaughnessy Asset Management LLC increased its position in InnovAge by 1,978.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 238,881 shares of the company’s stock worth $1,240,000 after purchasing an additional 227,387 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.