InnovAge (OTCMKTS:INNV) Research Coverage Started at Robert W. Baird

Robert W. Baird began coverage on shares of InnovAge (OTCMKTS:INNV) in a research report sent to investors on Thursday morning, The Fly reports. The firm issued an outperform rating and a $27.00 price objective on the stock.

INNV has been the topic of several other research reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell started coverage on InnovAge in a research note on Monday, March 29th. They set a buy rating and a $30.00 price target on the stock. The Goldman Sachs Group initiated coverage on InnovAge in a research note on Monday, March 29th. They set a buy rating and a $32.00 price target on the stock. Piper Sandler initiated coverage on InnovAge in a research report on Monday, March 29th. They set an overweight rating and a $31.00 price objective on the stock. Citigroup initiated coverage on InnovAge in a research report on Monday, March 29th. They set a buy rating and a $30.00 price objective on the stock. Finally, William Blair initiated coverage on InnovAge in a research report on Monday, March 29th. They set an outperform rating on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. InnovAge presently has a consensus rating of Buy and an average price target of $29.33.

INNV stock opened at $21.40 on Thursday. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.22. The business’s fifty day simple moving average is $23.74 and its two-hundred day simple moving average is $10.96. InnovAge has a twelve month low of $19.46 and a twelve month high of $27.18.

InnovAge (OTCMKTS:INNV) last released its earnings results on Sunday, May 9th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.08). Analysts forecast that InnovAge will post -0.33 EPS for the current year.

In other news, Director Edward Moore Jr. Kennedy bought 23,000 shares of the firm’s stock in a transaction that occurred on Monday, March 8th. The stock was purchased at an average price of $21.00 per share, with a total value of $483,000.00. Following the completion of the acquisition, the director now directly owns 23,000 shares of the company’s stock, valued at approximately $483,000. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Maureen Hewitt bought 9,350 shares of the firm’s stock in a transaction that occurred on Friday, March 12th. The shares were purchased at an average cost of $26.62 per share, with a total value of $248,897.00. The disclosure for this purchase can be found here. Insiders own 12.84% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Sei Investments Co. purchased a new position in InnovAge during the first quarter valued at approximately $668,000. BlackRock Inc. purchased a new position in InnovAge during the first quarter valued at approximately $27,487,000. Monashee Investment Management LLC purchased a new position in InnovAge during the first quarter valued at approximately $6,448,000. Sectoral Asset Management Inc purchased a new position in InnovAge during the first quarter valued at approximately $12,374,000. Finally, Teacher Retirement System of Texas purchased a new position in InnovAge during the first quarter valued at approximately $387,000. Institutional investors own 13.67% of the company’s stock.

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 their homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, dental, mental health and psychiatric, meals, and activities, as well as physical, occupational, and speech therapy; transportation to the PACE center and third-party medical appointments; and care management.

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