InnovAge (NASDAQ:INNV) Sees Large Volume Increase – Should You Buy?

InnovAge Holding Corp. (NASDAQ:INNV) saw an uptick in trading volume on Friday . 50,646 shares traded hands during mid-day trading, an increase of 27% from the previous session’s volume of 39,869 shares.The stock last traded at $3.88 and had previously closed at $3.53.

Wall Street Analysts Forecast Growth

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

InnovAge Trading Up 16.1 %

The company has a market cap of $555.37 million, a price-to-earnings ratio of -34.17 and a beta of 0.31. The company’s 50 day moving average price is $5.27 and its 200 day moving average price is $5.52. 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 issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $205.14 million for the quarter, compared to analyst estimates of $203.35 million. InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. During the same quarter in the prior year, the firm posted ($0.08) EPS. Research analysts anticipate that InnovAge Holding Corp. will post -0.06 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. 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. Renaissance Technologies LLC boosted its stake in InnovAge by 3.1% during the 2nd 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 during the period. Charles Schwab Investment Management Inc. grew 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 valued at $993,000 after buying an additional 6,153 shares during the last quarter. Bank of New York Mellon Corp increased its position in InnovAge by 27.1% in the 2nd 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 during the period. Finally, Barclays PLC increased its position 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 buying an additional 19,029 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.