InnovAge (NASDAQ:INNV) Upgraded by Zacks Research to “Strong-Buy” Rating

InnovAge (NASDAQ:INNV) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages have also weighed in on INNV. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, InnovAge currently has an average rating of “Hold” and an average target price of $5.00.

InnovAge Price Performance

NASDAQ INNV opened at $7.47 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.17 and a current ratio of 1.26. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 149.43 and a beta of 0.57. The business has a 50 day simple moving average of $5.61 and a 200 day simple moving average of $4.90. InnovAge has a 52-week low of $2.60 and a 52-week high of $8.09.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. The company had revenue of $239.71 million during the quarter, compared to analysts’ expectations of $228.30 million. Analysts anticipate that InnovAge will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $4.90, for a total transaction of $161,700.00. Following the sale, the chief operating officer directly owned 119,617 shares of the company’s stock, valued at $586,123.30. The trade was a 21.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.00% of the stock is owned by company insiders.

Institutional Trading of InnovAge

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in InnovAge by 42.4% during the fourth 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. Jacobs Levy Equity Management Inc. acquired a new position in shares of InnovAge during the 1st quarter worth approximately $166,000. Goldman Sachs Group Inc. raised its stake in shares of InnovAge by 41.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock worth $283,000 after purchasing an additional 27,674 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of InnovAge by 18.9% in the 1st quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock valued at $140,000 after buying an additional 7,429 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of InnovAge in the 1st quarter valued at approximately $186,000. Institutional investors and hedge funds 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.