InnovAge (NASDAQ:INNV) Earns Underweight Rating from JPMorgan Chase & Co.

InnovAge (NASDAQ:INNV)‘s stock had its “underweight” rating restated by equities researchers at JPMorgan Chase & Co. in a research note issued to investors on Tuesday, MarketBeat reports. They currently have a $5.00 price target on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 33.33% from the stock’s current price.

Separately, KeyCorp initiated coverage on InnovAge in a research note on Friday, October 11th. They issued a “sector weight” rating for the company.

InnovAge Price Performance

InnovAge stock opened at $3.75 on Tuesday. The stock has a market capitalization of $507.96 million, a P/E ratio of -31.25 and a beta of 0.31. InnovAge has a 12-month low of $3.52 and a 12-month high of $6.69. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. The firm’s 50-day moving average is $5.35 and its two-hundred day moving average is $5.55.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). The firm had revenue of $205.14 million for the quarter, compared to analyst estimates of $203.35 million. InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. During the same quarter last year, the business earned ($0.08) earnings per share. Equities analysts predict that InnovAge will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On InnovAge

Institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its holdings in shares of InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after purchasing an additional 1,793 shares during the last quarter. Barclays PLC boosted its holdings in InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after acquiring an additional 19,029 shares during the last quarter. Bank of New York Mellon Corp grew its position in InnovAge by 27.1% during the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after acquiring an additional 12,448 shares during the period. Renaissance Technologies LLC increased its stake in InnovAge by 3.1% during the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after acquiring an additional 4,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of 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 during the period. 12.26% of the stock is currently owned by hedge funds and other 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.