InnovAge (NASDAQ:INNV) Stock Price Up 8.5% Following Analyst Upgrade

InnovAge Holding Corp. (NASDAQ:INNV) traded up 8.5% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. InnovAge traded as high as $8.80 and last traded at $8.8540. 49,382 shares traded hands during trading, a decline of 80% from the average session volume of 245,237 shares. The stock had previously closed at $8.16.

Other analysts also recently issued reports about the company. Zacks Research upgraded InnovAge from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Weiss Ratings upgraded InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, February 5th. Finally, Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, InnovAge currently has an average rating of “Hold” and a consensus target price of $7.00.

Institutional Investors Weigh In On InnovAge

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue bought a new position in InnovAge in the 3rd quarter valued at about $33,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of InnovAge in the second quarter worth approximately $32,000. Invesco Ltd. purchased a new stake in shares of InnovAge in the fourth quarter worth approximately $57,000. CIBC Asset Management Inc bought a new position in shares of InnovAge in the fourth quarter valued at approximately $57,000. Finally, Deutsche Bank AG boosted its position in shares of InnovAge by 15.1% during the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock valued at $66,000 after buying an additional 1,679 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

InnovAge Price Performance

The firm has a market cap of $1.21 billion, a P/E ratio of 178.44 and a beta of 0.57. The company has a fifty day moving average of $6.36 and a 200-day moving average of $5.32. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $0.08 earnings per share 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 analysts’ expectations of $228.30 million. On average, sell-side analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

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.