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

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. KeyCorp started coverage on shares of InnovAge in a report on Friday, October 11th. They issued a "sector weight" rating for the company. JPMorgan Chase & Co. restated an "underweight" rating and issued a $5.00 price target on shares of InnovAge in a research note on Tuesday, December 17th.

InnovAge Price Performance

The stock has a market capitalization of $499.83 million, a PE ratio of -30.75 and a beta of 0.37. The firm's fifty day moving average price is $4.77 and its two-hundred day moving average price is $5.47. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.04). InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. The business had revenue of $205.14 million during the quarter, compared to analyst estimates of $203.35 million. During the same period in the previous year, the business earned ($0.08) EPS. On average, equities analysts predict that InnovAge Holding Corp. will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in InnovAge by 5.5% during the third quarter. Geode Capital Management LLC now owns 527,955 shares of the company's stock valued at $3,168,000 after buying an additional 27,304 shares during the last quarter. Barclays PLC grew its position in shares of InnovAge by 289.0% during the 3rd quarter. Barclays PLC now owns 25,614 shares of the company's stock valued at $154,000 after acquiring an additional 19,029 shares during the period. JPMorgan Chase & Co. increased its stake in shares of InnovAge by 191.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company's stock worth $148,000 after purchasing an additional 16,217 shares in the last quarter. Bank of New York Mellon Corp lifted its position in 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 purchasing an additional 12,448 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company's stock valued at $993,000 after purchasing an additional 6,153 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

InnovAge Company Profile

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.