The Goldman Sachs Group Increases InnovAge (OTCMKTS:INNV) Price Target to $8.00

InnovAge (OTCMKTS:INNVGet Rating) had its price target boosted by equities researchers at The Goldman Sachs Group from $6.00 to $8.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 19.05% from the company’s previous close.

INNV has been the topic of a number of other reports. Citigroup increased their price objective on shares of InnovAge from $5.00 to $8.00 in a research note on Wednesday, November 16th. Barclays reduced their price objective on shares of InnovAge from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 15th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.65.

InnovAge Trading Down 7.1 %

INNV stock opened at $6.72 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.85 and a current ratio of 1.85. The company’s 50-day simple moving average is $6.04 and its 200 day simple moving average is $5.04. InnovAge has a 52 week low of $3.39 and a 52 week high of $9.15. The company has a market capitalization of $911.03 million and a PE ratio of -33.60.

InnovAge (OTCMKTS:INNVGet Rating) last released its quarterly earnings results on Tuesday, September 13th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.06). InnovAge had a negative net margin of 3.92% and a negative return on equity of 6.79%. The business had revenue of $172.86 million during the quarter, compared to analyst estimates of $174.15 million. As a group, sell-side analysts anticipate that InnovAge will post -0.33 earnings per share for the current year.

Insider Buying and Selling at InnovAge

In other news, Director Thomas Scully bought 100,000 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was acquired at an average price of $5.10 per share, with a total value of $510,000.00. Following the transaction, the director now owns 100,000 shares of the company’s stock, valued at approximately $510,000. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.25% of the company’s stock.

Institutional Trading of InnovAge

Several large investors have recently modified their holdings of INNV. Tcwp LLC acquired a new stake in shares of InnovAge during the 1st quarter worth approximately $25,000. Lazard Asset Management LLC acquired a new stake in InnovAge in the 2nd quarter valued at $37,000. Captrust Financial Advisors grew its position in InnovAge by 4,122.1% in the 1st quarter. Captrust Financial Advisors now owns 5,742 shares of the company’s stock valued at $37,000 after purchasing an additional 5,606 shares during the period. Martingale Asset Management L P acquired a new stake in InnovAge in the 2nd quarter valued at $58,000. Finally, Keebeck Alpha LP acquired a new stake in InnovAge in the 1st quarter valued at $68,000. Institutional investors and hedge funds own 12.43% of the company’s stock.

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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