InnovAge (NASDAQ:INNV) Upgraded at Zacks Research

Zacks Research upgraded shares of InnovAge (NASDAQ:INNV) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Several other research firms also recently weighed in on INNV. Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, InnovAge presently has an average rating of “Hold” and a consensus target price of $5.00.

InnovAge Trading Up 11.9%

Shares of INNV stock opened at $8.36 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.24. The firm has a market cap of $1.13 billion, a P/E ratio of 167.23 and a beta of 0.57. The company has a 50 day moving average of $5.67 and a 200-day moving average of $4.93. InnovAge has a 12-month low of $2.60 and a 12-month high of $8.40.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. InnovAge had a return on equity of 2.60% and a net margin of 0.71%.The business had revenue of $239.71 million for the quarter, compared to the consensus estimate of $228.30 million. Sell-side analysts anticipate that InnovAge will post -0.12 earnings per share for the current year.

Insider Activity at InnovAge

In other news, COO Michael Anthony Scarbrough sold 33,000 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $4.90, for a total transaction of $161,700.00. Following the completion of the transaction, the chief operating officer directly owned 119,617 shares in the company, valued at $586,123.30. The trade was a 21.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On InnovAge

Several large investors have recently added to or reduced their stakes in the business. Winnow Wealth LLC bought a new position in InnovAge in the 2nd quarter worth about $369,000. Los Angeles Capital Management LLC purchased a new stake in shares of InnovAge in the 2nd quarter valued at about $110,000. Jane Street Group LLC boosted its position in shares of InnovAge by 18.9% during the 1st quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock valued at $140,000 after acquiring an additional 7,429 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of InnovAge by 41.2% during the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock worth $283,000 after purchasing an additional 27,674 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of InnovAge in the first quarter worth approximately $166,000. Institutional investors own 12.26% of the company’s stock.

InnovAge Company Profile

InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.

The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.