InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-high trading volume on Wednesday . Approximately 116,752 shares were traded 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.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on INNV shares. KeyCorp began coverage on shares of InnovAge in a report on Friday, October 11th. They set a “sector weight” rating for the company. JPMorgan Chase & Co. restated an “underweight” rating and issued a $5.00 target price on shares of InnovAge in a research report on Tuesday, December 17th.

InnovAge Stock Down 1.1 %

The business’s 50 day moving average price is $4.17 and its 200-day moving average price is $5.32. 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 firm has a market capitalization of $505.27 million, a PE ratio of -31.08 and a beta of 0.37.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, hitting analysts’ consensus estimates of ($0.04). The company had revenue of $205.14 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the firm earned ($0.08) earnings per share. As a group, equities research analysts forecast that InnovAge Holding Corp. will post -0.06 earnings per share for the current year.

Institutional Trading of InnovAge

Several hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its position in shares of InnovAge by 289.0% during the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after acquiring an additional 19,029 shares in the last quarter. State Street Corp boosted its holdings in InnovAge by 1.2% in the third quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after purchasing an additional 4,218 shares in the last quarter. Geode Capital Management LLC increased its stake in 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 purchasing an additional 27,304 shares during the last quarter. Renaissance Technologies LLC raised its holdings 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 purchasing an additional 4,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted 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 valued at $993,000 after buying an additional 6,153 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.