InnovAge Holding Corp. (NASDAQ:INNV) Expected to Earn FY2024 Earnings of ($0.10) Per Share

InnovAge Holding Corp. (NASDAQ:INNV) – Stock analysts at William Blair reduced their FY2024 earnings estimates for InnovAge in a research report issued on Wednesday, November 8th. William Blair analyst M. Larew now forecasts that the company will post earnings of ($0.10) per share for the year, down from their prior estimate of ($0.03). The consensus estimate for InnovAge’s current full-year earnings is ($0.10) per share. William Blair also issued estimates for InnovAge’s FY2025 earnings at $0.05 EPS.

Separately, The Goldman Sachs Group cut their price objective on shares of InnovAge from $9.00 to $8.00 in a research report on Wednesday, September 13th.

InnovAge Price Performance

INNV opened at $5.55 on Monday. The stock has a market cap of $754.13 million, a P/E ratio of -19.14 and a beta of 0.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.45. InnovAge has a fifty-two week low of $5.04 and a fifty-two week high of $8.15. The business’s 50-day moving average price is $5.96.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, September 12th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.06). The company had revenue of $176.87 million during the quarter, compared to analyst estimates of $175.03 million. InnovAge had a negative return on equity of 12.38% and a negative net margin of 5.42%.

Institutional Trading of InnovAge

Large investors have recently made changes to their positions in the stock. Cambiar Investors LLC boosted its holdings in shares of InnovAge by 10.5% during the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after buying an additional 28,890 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in InnovAge by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock worth $894,000 after acquiring an additional 7,387 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in InnovAge by 386.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock worth $30,000 after acquiring an additional 4,034 shares during the last quarter. Institutional investors own 12.17% of the company’s stock.

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 their 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.