InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Down 12.0% in December

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 272,900 shares, a drop of 12.0% from the December 15th total of 310,000 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average daily volume of 52,200 shares, the days-to-cover ratio is currently 5.2 days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of InnovAge in the fourth quarter valued at $43,000. JPMorgan Chase & Co. increased its position in shares of InnovAge by 191.5% in the third quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock valued at $148,000 after buying an additional 16,217 shares in the last quarter. Barclays PLC increased its position in shares of InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after buying an additional 19,029 shares in the last quarter. Rhumbline Advisers increased its position in InnovAge by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after purchasing an additional 12,448 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analysts Forecast Growth

INNV has been the subject of several recent research reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $5.00 price target on shares of InnovAge in a report on Tuesday, December 17th. KeyCorp initiated coverage on InnovAge in a report on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Price Performance

NASDAQ:INNV traded down $0.09 during trading hours on Friday, hitting $3.57. The company’s stock had a trading volume of 72,911 shares, compared to its average volume of 78,982. The business’s 50-day moving average is $4.40 and its two-hundred day moving average is $5.39. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. InnovAge has a 52-week low of $3.49 and a 52-week high of $6.69.

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

InnovAge Company Profile

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.