InnovAge (NASDAQ:INNV) Issues Quarterly Earnings Results

by · The Markets Daily

InnovAge (NASDAQ:INNV – Get Free Report) posted its earnings results on Tuesday. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04, FiscalAI reports. The business had revenue of $239.71 million during the quarter, compared to analyst estimates of $228.30 million. InnovAge had a negative return on equity of 7.02% and a negative net margin of 1.96%.

InnovAge Stock Performance

Shares of INNV stock traded down $0.09 during trading hours on Tuesday, reaching $5.61. 154,157 shares of the company traded hands, compared to its average volume of 100,452. The firm has a 50-day moving average price of $5.49 and a 200 day moving average price of $4.85. The company has a market cap of $761.31 million, a P/E ratio of -43.16 and a beta of 0.57. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.17 and a quick ratio of 1.17. InnovAge has a 12-month low of $2.60 and a 12-month high of $6.26.

Insider Buying and Selling

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of InnovAge 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 transaction, the chief operating officer owned 119,617 shares of the company’s stock, 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 through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Kent Lake PR LLC raised its holdings in InnovAge by 13.1% during the second quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company’s stock valued at $6,262,000 after acquiring an additional 197,036 shares during the period. Vanguard Group Inc. grew its position in shares of InnovAge by 0.4% during the third quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after purchasing an additional 4,239 shares in the last quarter. Geode Capital Management LLC grew its position in shares of InnovAge by 3.0% during the second quarter. Geode Capital Management LLC now owns 554,880 shares of the company’s stock worth $2,048,000 after purchasing an additional 16,205 shares in the last quarter. Welch Capital Partners LLC NY raised its stake in InnovAge by 22.6% during the 2nd quarter. Welch Capital Partners LLC NY now owns 448,775 shares of the company’s stock valued at $1,656,000 after purchasing an additional 82,868 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in InnovAge by 41.2% in the 1st 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. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Analysts Set New Price Targets

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

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InnovAge Company Profile

(Get Free Report)

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.

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