InnovAge (NASDAQ:INNV) Shares Up 6.6% – Time to Buy?

InnovAge Holding Corp. (NASDAQ:INNV) shot up 6.6% during trading on Tuesday . The stock traded as high as $4.06 and last traded at $4.06. 1,588 shares traded hands during trading, a decline of 97% from the average session volume of 53,333 shares. The stock had previously closed at $3.81.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. restated an “underweight” rating and issued a $5.00 price target on shares of InnovAge in a research report on Tuesday, December 17th. KeyCorp began coverage on InnovAge in a report on Friday, October 11th. They set a “sector weight” rating on the stock.

InnovAge Trading Down 2.4 %

The stock has a market capitalization of $503.89 million, a price-to-earnings ratio of -31.00 and a beta of 0.37. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average of $4.82 and a two-hundred day moving average of $5.47.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, hitting analysts’ consensus estimates of ($0.04). The business had revenue of $205.14 million for the quarter, compared to analyst estimates of $203.35 million. InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. During the same period in the previous year, the company posted ($0.08) earnings per share. On average, research analysts expect that InnovAge Holding Corp. will post -0.06 EPS for the current year.

Hedge Funds Weigh In On InnovAge

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in shares of InnovAge by 5.5% in the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after purchasing an additional 27,304 shares during the period. State Street Corp boosted its stake in InnovAge by 1.2% in the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after buying an additional 4,218 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after acquiring an additional 6,153 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of InnovAge by 3.1% during the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after acquiring an additional 4,100 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of InnovAge by 27.1% during the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after acquiring an additional 12,448 shares during the period. Institutional investors and hedge funds 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 its 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.