InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Down 12.0% in December

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

Wall Street Analysts Forecast Growth

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

InnovAge Stock Performance

Shares of INNV stock traded down $0.09 during trading hours on Friday, reaching $3.57. 72,911 shares of the company traded hands, compared to its average volume of 78,982. The firm has a 50-day moving average price of $4.40 and a 200 day moving average price of $5.39. The company 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 debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. InnovAge has a 12-month low of $3.49 and a 12-month high of $6.69.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $205.14 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned ($0.08) earnings per share. As a group, sell-side analysts predict that InnovAge will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in shares of InnovAge by 27.1% in the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after buying an additional 12,448 shares in the last quarter. Rhumbline Advisers grew its position in shares of 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 purchasing an additional 1,793 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of InnovAge by 3.1% in the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after buying an additional 6,153 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after acquiring an additional 4,218 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

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.