InnovAge (NASDAQ:INNV – Get Free Report) issued its earnings results on Tuesday. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01), Zacks reports. InnovAge had a negative return on equity of 4.73% and a negative net margin of 1.22%.
InnovAge Stock Down 2.1%
Shares of NASDAQ:INNV traded down $0.23 during midday trading on Tuesday, reaching $10.52. The company had a trading volume of 492,280 shares, compared to its average volume of 298,962. The stock has a market capitalization of $1.43 billion, a P/E ratio of -116.89 and a beta of 0.40. The stock’s fifty day moving average price is $11.22 and its 200-day moving average price is $9.31. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03. InnovAge has a one year low of $3.82 and a one year high of $12.64.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in INNV. Virtu Financial LLC acquired a new stake in shares of InnovAge in the 4th quarter valued at about $100,000. T. Rowe Price Investment Management Inc. lifted its holdings in InnovAge by 10.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,168,330 shares of the company’s stock worth $32,014,000 after buying an additional 577,558 shares during the last quarter. Invesco Ltd. bought a new stake in shares of InnovAge in the 4th quarter valued at approximately $57,000. XTX Topco Ltd acquired a new stake in shares of InnovAge during the 4th quarter valued at approximately $144,000. Finally, AQR Capital Management LLC raised its position in shares of InnovAge by 13.9% during the 4th quarter. AQR Capital Management LLC now owns 25,695 shares of the company’s stock valued at $133,000 after acquiring an additional 3,135 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Read Our Latest Stock Analysis on INNV
About InnovAge
InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.
The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.
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