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

InnovAge Holding Corp. (NASDAQ:INNV) saw strong trading volume on Wednesday . 116,752 shares changed hands during 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 Ratings Changes

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

InnovAge Stock Performance

The business’s fifty 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. The stock has a market cap of $514.75 million, a PE ratio of -31.67 and a beta of 0.37.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. 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 business earned ($0.08) EPS. As a group, equities research analysts forecast that InnovAge Holding Corp. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INNV. Renaissance Technologies LLC grew 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 valued at $677,000 after purchasing an additional 4,100 shares in 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 worth $993,000 after buying an additional 6,153 shares during the period. State Street Corp lifted its position in shares of InnovAge by 1.2% during the third 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 last quarter. Barclays PLC lifted its position in shares of InnovAge by 289.0% during the third 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. Finally, Geode Capital Management LLC raised its holdings 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 valued at $3,168,000 after acquiring an additional 27,304 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other 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.