Martingale Asset Management L P Takes $58,000 Position in InnovAge Holding Corp. (OTCMKTS:INNV)

Martingale Asset Management L P bought a new stake in InnovAge Holding Corp. (OTCMKTS:INNVGet Rating) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 13,166 shares of the company’s stock, valued at approximately $58,000.

Several other large investors also recently made changes to their positions in INNV. Tcwp LLC acquired a new position in InnovAge during the 1st quarter valued at about $25,000. Captrust Financial Advisors boosted its stake in InnovAge by 4,122.1% during the 1st quarter. Captrust Financial Advisors now owns 5,742 shares of the company’s stock valued at $37,000 after purchasing an additional 5,606 shares during the last quarter. Lazard Asset Management LLC acquired a new position in InnovAge during the 2nd quarter valued at about $37,000. Keebeck Alpha LP acquired a new position in InnovAge during the 1st quarter valued at about $68,000. Finally, Victory Capital Management Inc. acquired a new position in InnovAge during the 1st quarter valued at about $132,000. 12.43% of the stock is currently owned by institutional investors and hedge funds.

InnovAge Trading Down 7.1 %

OTCMKTS:INNV opened at $6.72 on Friday. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $911.03 million and a PE ratio of -33.60. The firm’s 50 day moving average is $6.04 and its 200 day moving average is $5.04. InnovAge Holding Corp. has a 12 month low of $3.39 and a 12 month high of $9.15.

InnovAge (OTCMKTS:INNVGet Rating) last posted its quarterly earnings results on Tuesday, September 13th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.06). The company had revenue of $172.86 million during the quarter, compared to the consensus estimate of $174.15 million. InnovAge had a negative return on equity of 6.79% and a negative net margin of 3.92%. Sell-side analysts expect that InnovAge Holding Corp. will post -0.33 earnings per share for the current year.

Insider Buying and Selling

In other InnovAge news, Director Thomas Scully bought 100,000 shares of the stock in a transaction on Thursday, September 15th. The shares were acquired at an average price of $5.10 per share, with a total value of $510,000.00. Following the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $510,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Barclays cut their price target on InnovAge from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Thursday, September 15th. The Goldman Sachs Group lifted their target price on shares of InnovAge from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Citigroup lifted their target price on shares of InnovAge from $5.00 to $8.00 in a research report on Wednesday, November 16th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, InnovAge presently has an average rating of “Hold” and a consensus price target of $6.65.

InnovAge Company Profile

(Get Rating)

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, 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.

See Also

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Institutional Ownership by Quarter for InnovAge (OTCMKTS:INNV)

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