Short Interest in InnovAge Holding Corp. (NASDAQ:INNV) Drops By 34.3%
by Michael Walen · The Markets DailyInnovAge Holding Corp. (NASDAQ:INNV – Get Free Report) was the target of a large decrease in short interest in February. As of February 13th, there was short interest totaling 260,367 shares, a decrease of 34.3% from the January 29th total of 396,568 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 550,479 shares, the short-interest ratio is currently 0.5 days. Based on an average daily trading volume, of 550,479 shares, the short-interest ratio is currently 0.5 days. Currently, 0.2% of the shares of the stock are sold short.
Wall Street Analyst Weigh In
INNV has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of InnovAge from $5.00 to $7.00 and gave the stock an “underweight” rating in a research note on Monday, February 23rd. Zacks Research upgraded 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 research report on Saturday, November 8th. Finally, Weiss Ratings upgraded InnovAge from a “sell (d-)” rating to a “hold (c-)” rating in a research report 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 assigned a Sell rating to the company’s stock. According to MarketBeat, InnovAge currently has an average rating of “Hold” and an average price target of $7.00.
View Our Latest Report on InnovAge
InnovAge Trading Down 3.7%
NASDAQ INNV traded down $0.34 on Friday, reaching $8.96. The company had a trading volume of 313,369 shares, compared to its average volume of 414,232. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.24. InnovAge has a 52 week low of $2.60 and a 52 week high of $9.64. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 179.24 and a beta of 0.57. The stock’s 50 day moving average is $6.62 and its 200-day moving average is $5.46.
InnovAge (NASDAQ:INNV – Get Free Report) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $239.71 million during the quarter, compared to analysts’ expectations of $228.30 million. InnovAge had a return on equity of 2.60% and a net margin of 0.71%. Equities analysts predict that InnovAge will post -0.12 earnings per share for the current year.
Institutional Trading of InnovAge
A number of large investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in InnovAge during the 4th quarter worth $100,000. T. Rowe Price Investment Management Inc. raised its position in shares of InnovAge by 10.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock worth $32,014,000 after purchasing an additional 577,558 shares during the period. Invesco Ltd. acquired a new stake in InnovAge during the 4th quarter worth approximately $57,000. XTX Topco Ltd bought a new position in InnovAge in the fourth quarter valued at approximately $144,000. Finally, AQR Capital Management LLC boosted its holdings in shares of InnovAge by 13.9% in the fourth quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock valued at $133,000 after buying an additional 3,135 shares during the period. Institutional investors own 12.26% of the company’s stock.
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.