InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Up 42.6% in January

InnovAge Holding Corp. (NASDAQ:INNV) saw a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 396,568 shares, an increase of 42.6% from the January 15th total of 278,014 shares. Currently, 0.3% of the company’s shares are short sold. Based on an average trading volume of 103,494 shares, the days-to-cover ratio is currently 3.8 days. Based on an average trading volume of 103,494 shares, the days-to-cover ratio is currently 3.8 days. Currently, 0.3% of the company’s shares are short sold.

InnovAge Trading Up 0.1%

NASDAQ INNV opened at $8.36 on Tuesday. InnovAge has a 52 week low of $2.60 and a 52 week high of $9.18. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.26 and a current ratio of 1.26. The stock’s 50 day moving average price is $6.07 and its two-hundred day moving average price is $5.14. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 167.23 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. The company had revenue of $239.71 million during the quarter, compared to analysts’ expectations of $228.30 million. As a group, analysts anticipate that InnovAge will post -0.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of InnovAge from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. Finally, Weiss Ratings raised InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $5.00.

Hedge Funds Weigh In On InnovAge

Several hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its position in InnovAge by 42.4% during the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after purchasing an additional 5,936 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of InnovAge in the 1st quarter valued at approximately $166,000. Goldman Sachs Group Inc. grew its stake in shares of InnovAge by 41.2% in the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock valued at $283,000 after buying an additional 27,674 shares in the last quarter. Jane Street Group LLC increased its holdings in InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after buying an additional 7,429 shares during the last quarter. Finally, Strs Ohio acquired a new position in InnovAge during the first quarter worth $186,000. 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.