InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – What’s Next?

InnovAge Holding Corp. (NASDAQ:INNV) saw an uptick in trading volume on Wednesday . 116,752 shares were traded during mid-day trading, an increase of 127% from the previous session’s volume of 51,324 shares.The stock last traded at $3.77 and had previously closed at $3.77.

Analyst Upgrades and Downgrades

A number of research firms have commented on INNV. KeyCorp started coverage on shares of InnovAge in a research note on Friday, October 11th. They issued a “sector weight” rating for the company. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $5.00 price objective on shares of InnovAge in a research note on Tuesday, December 17th.

InnovAge Stock Down 3.8 %

The company has a market cap of $514.75 million, a PE ratio of -31.67 and a beta of 0.37. The stock’s 50 day moving average price is $4.14 and its 200-day moving average price is $5.30. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. The company had revenue of $205.14 million during the quarter, compared to analyst estimates of $203.35 million. During the same period in the prior year, the business posted ($0.08) EPS. On average, analysts predict that InnovAge Holding Corp. will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INNV. SG Americas Securities LLC bought a new stake in InnovAge during the 4th quarter valued at $43,000. JPMorgan Chase & Co. raised its holdings in InnovAge by 191.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock valued at $148,000 after buying an additional 16,217 shares during the last quarter. Barclays PLC raised its holdings in InnovAge by 289.0% during the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after buying an additional 19,029 shares during the last quarter. Renaissance Technologies LLC raised its holdings in InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in InnovAge by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after purchasing an additional 6,153 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

About InnovAge

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.