InnovAge (NASDAQ:INNV) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of InnovAge (NASDAQ:INNV) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

Other research analysts have also issued reports about the stock. KeyCorp lifted their price target on shares of InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a research note on Thursday, August 13th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $10.50.

InnovAge Stock Performance

INNV stock opened at $10.65 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.45 billion, a P/E ratio of -532.50 and a beta of 0.40. InnovAge has a 12-month low of $3.93 and a 12-month high of $12.64. The stock’s 50 day simple moving average is $11.01 and its 200 day simple moving average is $9.45.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%.The business had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. As a group, equities research analysts predict that InnovAge will post 0.43 EPS for the current year.

Institutional Trading of InnovAge

Large investors have recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in InnovAge in the second quarter worth approximately $25,000. 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. NewEdge Advisors LLC bought a new stake in shares of InnovAge in the 2nd quarter worth $142,000. Baron Wealth Management LLC bought a new stake in shares of InnovAge in the 1st quarter worth $104,000. Finally, Virtus Advisers LLC acquired a new stake in shares of InnovAge in the second quarter valued at $207,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Company Profile

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company’s services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.