Geode Capital Management LLC Has $3.17 Million Stock Position in InnovAge Holding Corp. (NASDAQ:INNV)

Geode Capital Management LLC raised its position in InnovAge Holding Corp. (NASDAQ:INNV) by 5.5% during the third quarter, Holdings Channel.com reports. 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’s holdings in InnovAge were worth $3,168,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in INNV. Rhumbline Advisers boosted its stake in InnovAge by 7.0% in the second 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. Renaissance Technologies LLC raised its holdings in shares of InnovAge by 3.1% in the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after buying an additional 4,100 shares during the last quarter. State Street Corp lifted its position in InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after buying an additional 4,218 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in InnovAge by 3.9% during the 3rd 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 during the last quarter. Finally, Bank of New York Mellon Corp increased its position in 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 acquiring an additional 12,448 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

InnovAge Stock Performance

Shares of INNV stock opened at $3.81 on Tuesday. InnovAge Holding Corp. has a 12 month low of $3.52 and a 12 month high of $6.69. The company’s fifty day simple moving average is $4.82 and its 200-day simple moving average is $5.47. The firm has a market cap of $516.08 million, a PE ratio of -31.75 and a beta of 0.37. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27.

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

Analysts Set New Price Targets

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

InnovAge 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.