Short Interest in InnovAge Holding Corp. (NASDAQ:INNV) Drops By 12.0%

InnovAge Holding Corp. (NASDAQ:INNV) saw a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 272,900 shares, a decline of 12.0% from the December 15th total of 310,000 shares. Based on an average daily trading volume, of 52,200 shares, the short-interest ratio is presently 5.2 days. Currently, 1.3% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on INNV shares. KeyCorp started coverage on InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating on the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $5.00 target price on shares of InnovAge in a report on Tuesday, December 17th.

Hedge Funds Weigh In On InnovAge

Several hedge funds have recently modified their holdings of INNV. State Street Corp boosted its stake in InnovAge by 1.2% in the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after purchasing an additional 4,218 shares during the period. Barclays PLC lifted its holdings in InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after purchasing an additional 19,029 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of InnovAge by 5.5% in the third quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock worth $3,168,000 after buying an additional 27,304 shares during the last quarter. Rhumbline Advisers boosted its holdings in InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after acquiring an additional 1,793 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after buying an additional 4,100 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

InnovAge Trading Down 2.5 %

INNV traded down $0.09 during trading on Friday, hitting $3.57. 72,911 shares of the company’s stock were exchanged, compared to its average volume of 78,982. The stock has a 50 day moving average price of $4.40 and a 200 day moving average price of $5.39. The firm has a market cap of $483.59 million, a P/E ratio of -29.75 and a beta of 0.37. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. InnovAge has a 1 year low of $3.49 and a 1 year high of $6.69.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The firm had revenue of $205.14 million for the quarter, compared to analysts’ expectations of $203.35 million. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. As a group, analysts expect that InnovAge will post -0.06 EPS for the current fiscal year.

InnovAge Company Profile

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.