William Blair Analysts Lower Earnings Estimates for InnovAge Holding Corp. (OTCMKTS:INNV)

InnovAge Holding Corp. (OTCMKTS:INNVGet Rating) – William Blair decreased their Q1 2023 earnings per share (EPS) estimates for InnovAge in a research note issued to investors on Wednesday, September 14th. William Blair analyst M. Larew now anticipates that the company will post earnings per share of ($0.05) for the quarter, down from their prior forecast of ($0.01). The consensus estimate for InnovAge’s current full-year earnings is $0.06 per share. William Blair also issued estimates for InnovAge’s Q2 2023 earnings at ($0.06) EPS, Q3 2023 earnings at ($0.03) EPS, Q4 2023 earnings at ($0.03) EPS, FY2023 earnings at ($0.16) EPS and FY2024 earnings at ($0.07) EPS.

Separately, Barclays reduced their price target on InnovAge from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.98.

InnovAge Price Performance

Shares of OTCMKTS INNV opened at $5.53 on Friday. The stock has a market cap of $749.45 million, a PE ratio of -138.22 and a beta of 1.22. InnovAge has a fifty-two week low of $3.39 and a fifty-two week high of $14.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.65 and a current ratio of 2.29. The stock has a fifty day moving average of $4.27 and a 200-day moving average of $4.92.

InnovAge (OTCMKTS:INNVGet Rating) last announced its quarterly earnings results on Tuesday, September 13th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.06). InnovAge had a negative net margin of 0.93% and a negative return on equity of 0.69%.

Institutional Investors Weigh In On InnovAge

Large investors have recently added to or reduced their stakes in the business. Tcwp LLC bought a new stake in InnovAge during the first quarter worth about $25,000. Gleason Group Inc. lifted its stake 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 purchasing an additional 4,000 shares during the last quarter. Captrust Financial Advisors lifted its stake in InnovAge by 4,122.1% during the first quarter. Captrust Financial Advisors now owns 5,742 shares of the company’s stock worth $37,000 after purchasing an additional 5,606 shares during the last quarter. Cambiar Investors LLC lifted its stake in InnovAge by 1.6% during the first quarter. Cambiar Investors LLC now owns 395,291 shares of the company’s stock worth $2,538,000 after purchasing an additional 6,282 shares during the last quarter. Finally, State Street Corp lifted its stake in InnovAge by 2.1% during the first quarter. State Street Corp now owns 323,301 shares of the company’s stock worth $2,076,000 after purchasing an additional 6,569 shares during the last quarter. Institutional investors own 12.43% of the company’s stock.

InnovAge Company Profile

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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.

See Also

Earnings History and Estimates for InnovAge (OTCMKTS:INNV)

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