InnovAge (NASDAQ:INNV) Trading Up 7.7% – Time to Buy?

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price shot up 7.7% on Tuesday . The stock traded as high as $12.32 and last traded at $12.4990. 140,473 shares changed hands during trading, a decline of 55% from the average daily volume of 312,346 shares. The stock had previously closed at $11.61.

Analyst Upgrades and Downgrades

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

InnovAge Trading Up 6.4%

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.26. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -137.66 and a beta of 0.45. The company has a fifty day simple moving average of $8.12 and a 200-day simple moving average of $7.51.

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). The firm had revenue of $251.94 million during the quarter, compared to analyst estimates of $234.34 million. InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%. On average, research analysts forecast that InnovAge Holding Corp. will post 0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. purchased a new stake in shares of InnovAge in the fourth quarter valued at $57,000. CIBC Asset Management Inc purchased a new position in shares of InnovAge during the fourth quarter valued at $57,000. Deutsche Bank AG raised its position in InnovAge by 15.1% during the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after buying an additional 1,679 shares during the period. Kathmere Capital Management LLC acquired a new position in InnovAge during the fourth quarter valued at $69,000. Finally, Bank of America Corp DE lifted its stake in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after acquiring an additional 5,936 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.