InnovAge (NASDAQ:INNV) Shares Gap Up Following Earnings Beat

Shares of InnovAge Holding Corp. (NASDAQ:INNV) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.66, but opened at $6.50. InnovAge shares last traded at $7.21, with a volume of 172,270 shares changing hands.

The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $239.71 million for the quarter, compared to the consensus estimate of $228.30 million. InnovAge had a return on equity of 2.65% and a net margin of 0.71%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a report on Thursday, January 22nd. Two analysts have rated the stock with a Sell rating, According to MarketBeat, InnovAge has an average rating of “Sell” and a consensus target price of $5.00.

Insider Buying and Selling at InnovAge

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of the business’s stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in INNV. State of Alaska Department of Revenue bought a new stake in InnovAge in the 3rd quarter valued at about $33,000. Police & Firemen s Retirement System of New Jersey purchased a new position in InnovAge during the 2nd quarter worth $32,000. Kathmere Capital Management LLC bought a new stake in InnovAge in the 4th quarter worth about $69,000. JPMorgan Chase & Co. grew its holdings in shares of InnovAge by 26.0% in the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after acquiring an additional 3,305 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after buying an additional 5,936 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

InnovAge Trading Up 37.5%

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.25. The firm has a market cap of $1.06 billion, a P/E ratio of 155.63 and a beta of 0.57. The firm’s 50-day simple moving average is $5.56 and its 200 day simple moving average is $4.88.

About InnovAge

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.