Piper Sandler Lowers InnovAge (OTCMKTS:INNV) Price Target to $3.90

InnovAge (OTCMKTS:INNVGet Rating) had its target price trimmed by Piper Sandler from $5.00 to $3.90 in a report published on Wednesday, The Fly reports.

Separately, Zacks Investment Research downgraded shares of InnovAge from a hold rating to a sell rating in a research report on Friday, April 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $10.91.

INNV stock opened at $5.13 on Wednesday. The company has a fifty day moving average price of $5.69 and a 200 day moving average price of $5.99. InnovAge has a 12 month low of $3.46 and a 12 month high of $23.60. The company has a market cap of $695.20 million, a price-to-earnings ratio of 51.31 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.98 and a quick ratio of 2.98.

InnovAge (OTCMKTS:INNVGet Rating) last released its quarterly earnings results on Wednesday, February 9th. The company reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. InnovAge had a net margin of 1.82% and a return on equity of 4.76%. The firm had revenue of $175.35 million during the quarter, compared to the consensus estimate of $173.70 million. As a group, analysts anticipate that InnovAge will post 0.06 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in INNV. Coliseum Capital Management LLC purchased a new position in shares of InnovAge in the 4th quarter valued at about $18,220,000. BlackRock Inc. increased its holdings in shares of InnovAge by 2.1% in the 3rd quarter. BlackRock Inc. now owns 1,547,084 shares of the company’s stock valued at $10,227,000 after purchasing an additional 31,576 shares in the last quarter. Maverick Capital Ltd. increased its holdings in shares of InnovAge by 36.2% in the 3rd quarter. Maverick Capital Ltd. now owns 1,157,295 shares of the company’s stock valued at $7,650,000 after purchasing an additional 307,295 shares in the last quarter. William Blair Investment Management LLC increased its holdings in shares of InnovAge by 1.5% in the 3rd quarter. William Blair Investment Management LLC now owns 1,140,083 shares of the company’s stock valued at $7,536,000 after purchasing an additional 16,666 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of InnovAge by 1,555.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 916,887 shares of the company’s stock valued at $6,060,000 after purchasing an additional 861,517 shares in the last quarter. 10.92% of the stock is currently owned by institutional investors.

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.

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