InnovAge Holding Corp. (NASDAQ:INNV) Expected to Earn FY2024 Earnings of ($0.18) Per Share

InnovAge Holding Corp. (NASDAQ:INNV) – Equities research analysts at William Blair reduced their FY2024 earnings per share (EPS) estimates for shares of InnovAge in a report issued on Tuesday, May 7th. William Blair analyst J. Haase now forecasts that the company will post earnings per share of ($0.18) for the year, down from their prior forecast of ($0.13). The consensus estimate for InnovAge’s current full-year earnings is ($0.14) per share. William Blair also issued estimates for InnovAge’s Q4 2024 earnings at ($0.03) EPS.

InnovAge (NASDAQ:INNV) last released its earnings results on Monday, February 5th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $188.90 million during the quarter, compared to analysts’ expectations of $181.51 million. InnovAge had a negative return on equity of 10.53% and a negative net margin of 4.38%. During the same quarter last year, the business posted ($0.07) EPS.

INNV has been the subject of a number of other research reports. The Goldman Sachs Group lowered their target price on InnovAge from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, February 8th. JPMorgan Chase & Co. lowered their price objective on InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th.

InnovAge Trading Up 1.6 %

INNV opened at $4.33 on Friday. The stock has a market cap of $588.45 million, a PE ratio of -17.32 and a beta of 0.24. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average of $4.35 and a 200-day moving average of $5.16. InnovAge has a 52 week low of $3.52 and a 52 week high of $8.05.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its stake in InnovAge by 386.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock valued at $30,000 after buying an additional 4,034 shares during the last quarter. Cambiar Investors LLC increased its holdings in shares of InnovAge by 10.5% in the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after purchasing an additional 28,890 shares in the last quarter. Finally, Kent Lake Capital LLC increased its holdings in shares of InnovAge by 20.5% in the 3rd quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after purchasing an additional 238,551 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About InnovAge

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.