InnovAge (NASDAQ:INNV) Receives Underweight Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. reiterated their underweight rating on shares of InnovAge (NASDAQ:INNV) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has a $5.00 target price on the stock.

Separately, KeyCorp began coverage on shares of InnovAge in a report on Friday, October 11th. They issued a “sector weight” rating for the company.

InnovAge Stock Performance

Shares of INNV opened at $4.08 on Tuesday. InnovAge has a 1 year low of $3.52 and a 1 year high of $6.69. The stock has a market capitalization of $552.66 million, a PE ratio of -34.00 and a beta of 0.31. 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 50-day simple moving average of $5.38 and a 200-day simple moving average of $5.55.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, meeting 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 last year, the firm earned ($0.08) earnings per share. On average, analysts predict that InnovAge will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

Large investors have recently modified their holdings of the company. Rhumbline Advisers raised its holdings in shares of InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after buying an additional 1,793 shares during the last quarter. Renaissance Technologies LLC raised 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 acquiring an additional 4,100 shares during the last quarter. State Street Corp lifted its position in 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 during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after purchasing an additional 6,153 shares during the period. Finally, Bank of New York Mellon Corp increased 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 valued at $289,000 after purchasing an additional 12,448 shares during the period. 12.26% of the stock is 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.