JPMorgan Chase & Co. Reaffirms "Underweight" Rating for InnovAge (NASDAQ:INNV)

JPMorgan Chase & Co. reiterated their underweight rating on shares of InnovAge (NASDAQ:INNV - Free Report) in a research report sent to investors on Tuesday morning, MarketBeat.com reports. They currently have a $5.00 target price on the stock.

Separately, KeyCorp assumed coverage on InnovAge in a research report on Friday, October 11th. They issued a "sector weight" rating for the company.

InnovAge Stock Performance

Shares of INNV traded down $0.32 on Tuesday, reaching $4.08. The company's stock had a trading volume of 95,424 shares, compared to its average volume of 38,849. The stock has a market capitalization of $552.66 million, a P/E ratio of -34.00 and a beta of 0.31. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. The stock's 50 day simple moving average is $5.38 and its two-hundred day simple moving average is $5.55. InnovAge has a 12-month low of $3.52 and a 12-month high of $6.69.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The firm 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 quarter last year, the firm posted ($0.08) earnings per share. Research analysts forecast that InnovAge will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of InnovAge

A number of hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of InnovAge by 27.1% in the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company's stock worth $289,000 after buying an additional 12,448 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company's stock worth $136,000 after purchasing an additional 1,793 shares during the last quarter. Renaissance Technologies LLC increased 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 worth $677,000 after buying an additional 4,100 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in InnovAge by 3.9% in the 3rd 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 during the last quarter. Finally, State Street Corp grew its holdings in InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company's stock worth $2,069,000 after acquiring an additional 4,218 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.