InnovAge (OTCMKTS:INNV) Releases Earnings Results, Misses Estimates By $0.06 EPS

InnovAge (OTCMKTS:INNVGet Rating) issued its earnings results on Tuesday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.06), Fidelity Earnings reports. InnovAge had a negative return on equity of 0.69% and a negative net margin of 0.93%.

InnovAge Stock Up 22.0 %

Shares of OTCMKTS INNV opened at $4.94 on Thursday. InnovAge has a 1 year low of $3.39 and a 1 year high of $14.66. The firm has a market cap of $669.47 million, a price-to-earnings ratio of -123.47 and a beta of 1.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.65 and a current ratio of 2.65. The stock’s 50-day simple moving average is $4.24 and its 200-day simple moving average is $4.91.

Institutional Trading of InnovAge

Several hedge funds and other institutional investors have recently bought and sold shares of INNV. SCW Capital Management LP increased its holdings in InnovAge by 444.5% in the first quarter. SCW Capital Management LP now owns 865,918 shares of the company’s stock valued at $5,559,000 after buying an additional 706,875 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in InnovAge by 5.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,166,271 shares of the company’s stock valued at $22,628,000 after buying an additional 257,589 shares during the last quarter. Zebra Capital Management LLC bought a new stake in InnovAge in the first quarter valued at about $323,000. Renaissance Technologies LLC boosted its stake in InnovAge by 58.3% in the second quarter. Renaissance Technologies LLC now owns 123,800 shares of the company’s stock valued at $542,000 after acquiring an additional 45,600 shares during the period. Finally, BlackRock Inc. boosted its stake in InnovAge by 3.2% in the first quarter. BlackRock Inc. now owns 1,247,522 shares of the company’s stock valued at $8,011,000 after acquiring an additional 38,888 shares during the period. 12.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Barclays dropped their price objective on InnovAge from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $5.98.

About InnovAge

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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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Earnings History for InnovAge (OTCMKTS:INNV)

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