InnovAge (OTCMKTS:INNV) Stock Price Crosses Above 50-Day Moving Average of $6.61

InnovAge Holding Corp. (OTCMKTS:INNV – Get Rating) shares crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $6.61 and traded as high as $6.92. InnovAge shares last traded at $6.84, with a volume of 21,591 shares changing hands.

Analyst Ratings Changes

INNV has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price objective on InnovAge from $5.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday, February 8th. Citigroup cut their price target on InnovAge from $8.00 to $7.00 in a research note on Friday, May 12th. Finally, The Goldman Sachs Group increased their price target on InnovAge from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, February 15th.

InnovAge Stock Performance

The company has a fifty day moving average of $6.61 and a two-hundred day moving average of $7.02. The company has a market cap of $927.71 million, a price-to-earnings ratio of -22.06 and a beta of -0.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.57 and a current ratio of 1.57.

InnovAge (OTCMKTS:INNV – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $172.54 million for the quarter, compared to analyst estimates of $174.54 million. InnovAge had a negative return on equity of 13.04% and a negative net margin of 6.17%. Equities research analysts anticipate that InnovAge Holding Corp. will post -0.25 EPS for the current year.

Institutional Investors Weigh In On InnovAge

Several hedge funds and other institutional investors have recently modified their holdings of the company. Captrust Financial Advisors grew its holdings 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 buying an additional 5,606 shares in the last quarter. Barclays PLC lifted its position in shares of InnovAge by 533.4% during the 4th quarter. Barclays PLC now owns 5,137 shares of the company’s stock valued at $37,000 after buying an additional 4,326 shares during the last quarter. UBS Group AG lifted its position in shares of InnovAge by 99.6% during the 4th quarter. UBS Group AG now owns 9,982 shares of the company’s stock valued at $72,000 after buying an additional 4,982 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of InnovAge during the 3rd quarter valued at $72,000. Finally, MetLife Investment Management LLC bought a new stake in shares of InnovAge during the 4th quarter valued at $83,000. Institutional investors own 12.44% of the company’s stock.

About InnovAge

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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.