Lazard Asset Management LLC Makes New $516,000 Investment in InnovAge Holding Corp. $INNV

Lazard Asset Management LLC purchased a new position in InnovAge Holding Corp. (NASDAQ:INNV) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 64,376 shares of the company’s stock, valued at approximately $516,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. acquired a new position in shares of InnovAge during the fourth quarter valued at approximately $57,000. CIBC Asset Management Inc bought a new position in InnovAge during the 4th quarter valued at $57,000. Deutsche Bank AG boosted its stake in InnovAge by 15.1% during the 4th quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after purchasing an additional 1,679 shares in the last quarter. Baron Wealth Management LLC bought a new position in InnovAge during the 1st quarter valued at $104,000. Finally, Kathmere Capital Management LLC increased its position in shares of InnovAge by 17.0% during the 1st quarter. Kathmere Capital Management LLC now owns 15,534 shares of the company’s stock valued at $125,000 after purchasing an additional 2,260 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

InnovAge Stock Performance

Shares of NASDAQ INNV opened at $10.98 on Friday. 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 stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -122.00 and a beta of 0.39. The stock’s fifty day simple moving average is $10.30 and its 200 day simple moving average is $8.70. InnovAge Holding Corp. has a 52-week low of $3.17 and a 52-week high of $12.64.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, May 5th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.28). InnovAge had a negative net margin of 1.22% and a negative return on equity of 4.73%. The company had revenue of $251.94 million for the quarter, compared to analysts’ expectations of $234.34 million. As a group, sell-side analysts forecast that InnovAge Holding Corp. will post 0.07 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.