InnovAge (NASDAQ:INNV) Trading Up 8.5% Following Analyst Upgrade

InnovAge Holding Corp. (NASDAQ:INNV) shares shot up 8.5% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. InnovAge traded as high as $8.80 and last traded at $8.8540. 49,382 shares changed hands during trading, a decline of 80% from the average session volume of 245,237 shares. The stock had previously closed at $8.16.

INNV has been the subject of several other research reports. Weiss Ratings upgraded shares of InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, February 5th. Zacks Research raised InnovAge from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Finally, Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Institutional Investors Weigh In On InnovAge

Hedge funds have recently bought and sold shares of the stock. Winnow Wealth LLC acquired a new position in shares of InnovAge during the second quarter worth about $369,000. Los Angeles Capital Management LLC purchased a new position in InnovAge in the second quarter worth approximately $110,000. 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 worth $283,000 after acquiring an additional 27,674 shares during the last quarter. GWN Securities Inc. purchased a new stake in shares of InnovAge in the 4th quarter valued at approximately $297,000. Finally, Jane Street Group LLC raised its holdings in shares of InnovAge by 112.9% in the 4th quarter. Jane Street Group LLC now owns 90,881 shares of the company’s stock valued at $472,000 after purchasing an additional 48,186 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Trading Up 9.8%

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.26 and a current ratio of 1.26. The company’s 50-day moving average price is $6.30 and its 200-day moving average price is $5.28. The firm has a market capitalization of $1.22 billion, a PE ratio of 179.24 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last posted its quarterly 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 company had revenue of $239.71 million for the quarter, compared to analysts’ expectations of $228.30 million. InnovAge had a return on equity of 2.60% and a net margin of 0.71%. On average, sell-side analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

About InnovAge

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.