InnovAge (OTCMKTS:INNV) Downgraded by Zacks Investment Research to “Sell”

InnovAge (OTCMKTS:INNVGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, reports.

According to Zacks, “InnovAge Holding Corp. is a healthcare delivery platform. The Company delivers its patient-centered care through the InnovAge Platform. InnovAge Platform is focused on frail, dual-eligible seniors as well as it serve participants primarily through Program of All-inclusive Care for the Elderly. InnovAge Holding Corp. is based in DENVER, United States. “

INNV has been the subject of several other research reports. Piper Sandler cut InnovAge from a “neutral” rating to an “underweight” rating and raised their target price for the stock from $4.00 to $5.00 in a research note on Wednesday. Barclays cut InnovAge from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $22.00 to $6.50 in a research note on Thursday, December 23rd. Finally, The Goldman Sachs Group cut InnovAge from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $4.00 in a research note on Monday, December 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, InnovAge has a consensus rating of “Hold” and an average price target of $11.07.

OTCMKTS INNV traded down $0.52 during trading hours on Friday, hitting $4.99. 326,279 shares of the company’s stock were exchanged, compared to its average volume of 362,209. The stock has a 50-day simple moving average of $5.54 and a 200 day simple moving average of $6.14. InnovAge has a 1-year low of $3.46 and a 1-year high of $26.44. The firm has a market cap of $676.23 million and a price-to-earnings ratio of 166.33. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.23.

InnovAge (OTCMKTS:INNVGet Rating) last released its earnings results on Wednesday, February 9th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. InnovAge had a return on equity of 3.17% and a net margin of 0.74%. The business had revenue of $175.35 million during the quarter, compared to analysts’ expectations of $173.70 million. On average, sell-side analysts anticipate that InnovAge will post 0.09 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its position in shares of InnovAge by 1,644.4% during the second quarter. Royal Bank of Canada now owns 1,256 shares of the company’s stock valued at $27,000 after buying an additional 1,184 shares during the last quarter. Morgan Stanley bought a new stake in InnovAge during the first quarter worth $64,000. Gleason Group Inc. lifted its holdings in InnovAge by 400.0% during the first quarter. Gleason Group Inc. now owns 5,000 shares of the company’s stock worth $32,000 after acquiring an additional 4,000 shares during the period. Alliancebernstein L.P. lifted its holdings in InnovAge by 44.2% during the fourth quarter. Alliancebernstein L.P. now owns 17,300 shares of the company’s stock worth $87,000 after acquiring an additional 5,300 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in InnovAge during the fourth quarter worth $37,000. 10.78% of the stock is currently owned by institutional investors.

About InnovAge (Get Rating)

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 their homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company 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.

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