JPMorgan Chase & Co. raised its position in InnovAge Holding Corp. (NASDAQ:INNV – Free Report) by 191.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,687 shares of the company’s stock after purchasing an additional 16,217 shares during the quarter. JPMorgan Chase & Co.’s holdings in InnovAge were worth $148,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in shares of InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after buying an additional 19,029 shares during the period. Renaissance Technologies LLC increased its stake 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 during the period. Charles Schwab Investment Management Inc. lifted its position in shares of InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after purchasing an additional 6,153 shares in the last quarter. State Street Corp boosted its stake in shares of 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 during the period. Finally, Geode Capital Management LLC grew its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.
Analyst Ratings Changes
INNV has been the subject of several recent research reports. KeyCorp initiated coverage on shares of InnovAge in a research report on Friday, October 11th. They issued a “sector weight” rating for the company. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $5.00 target price on shares of InnovAge in a report on Tuesday, December 17th.
InnovAge Stock Down 3.8 %
Shares of NASDAQ:INNV opened at $3.80 on Friday. InnovAge Holding Corp. has a fifty-two week low of $3.49 and a fifty-two week high of $6.69. The firm’s 50 day moving average price is $4.12 and its 200 day moving average price is $5.28. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a market cap of $514.75 million, a price-to-earnings ratio of -31.67 and a beta of 0.37.
InnovAge (NASDAQ:INNV – Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share 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 net margin of 2.03% and a negative return on equity of 5.68%. During the same period last year, the business earned ($0.08) EPS. As a group, equities research analysts predict that InnovAge Holding Corp. will post -0.06 earnings per share for the current fiscal year.
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.
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