Geode Capital Management LLC Boosts Stake in InnovAge Holding Corp. (NASDAQ:INNV)

Geode Capital Management LLC increased its stake in shares of InnovAge Holding Corp. (NASDAQ:INNV) by 5.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 527,955 shares of the company’s stock after purchasing an additional 27,304 shares during the quarter. Geode Capital Management LLC owned approximately 0.39% of InnovAge worth $3,168,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of INNV. Rhumbline Advisers lifted its holdings in shares of InnovAge by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after acquiring an additional 1,793 shares during the period. Renaissance Technologies LLC boosted its holdings in InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after acquiring an additional 4,100 shares during the period. State Street Corp grew its holdings in InnovAge by 1.2% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after acquiring an additional 6,153 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of InnovAge by 27.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after purchasing an additional 12,448 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

InnovAge Trading Down 4.3 %

InnovAge stock opened at $3.81 on Tuesday. The firm’s 50 day moving average price is $4.82 and its two-hundred day moving average price is $5.47. The firm has a market cap of $516.08 million, a price-to-earnings ratio of -31.75 and a beta of 0.37. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21. InnovAge Holding Corp. has a 1 year low of $3.52 and a 1 year high of $6.69.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. The firm had revenue of $205.14 million for the quarter, compared to analysts’ expectations of $203.35 million. During the same period in the previous year, the company posted ($0.08) EPS. On average, research analysts predict that InnovAge Holding Corp. will post -0.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. KeyCorp started coverage on InnovAge in a research report on Friday, October 11th. They issued a “sector weight” rating for the company. JPMorgan Chase & Co. restated an “underweight” rating and set a $5.00 price objective on shares of InnovAge in a research note on Tuesday, December 17th.

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.