PFM Health Sciences LP bought a new position in InnovAge Holding Corp. (OTCMKTS:INNV) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 429,699 shares of the company’s stock, valued at approximately $11,082,000. PFM Health Sciences LP owned 0.32% of InnovAge as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Maverick Capital Ltd. acquired a new stake in shares of InnovAge in the first quarter worth $22,142,000. Davidson Kempner Capital Management LP acquired a new stake in shares of InnovAge in the first quarter worth $3,534,000. TD Asset Management Inc. acquired a new stake in shares of InnovAge in the first quarter worth $1,146,000. Sivik Global Healthcare LLC acquired a new stake in shares of InnovAge in the first quarter worth $2,192,000. Finally, Pura Vida Investments LLC acquired a new stake in shares of InnovAge in the first quarter worth $6,479,000. 14.04% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on INNV shares. William Blair started coverage on InnovAge in a research note on Monday, March 29th. They issued an “outperform” rating on the stock. started coverage on InnovAge in a research note on Monday, March 29th. They issued a “buy” rating and a $30.00 price objective on the stock. The Goldman Sachs Group dropped their price objective on InnovAge from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday. Piper Sandler initiated coverage on InnovAge in a research note on Monday, March 29th. They issued an “overweight” rating and a $31.00 price objective on the stock. Finally, Robert W. Baird initiated coverage on InnovAge in a research note on Thursday, May 27th. They set an “outperform” rating and a $27.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.67.
InnovAge (OTCMKTS:INNV) last released its earnings results on Sunday, May 9th. The company reported ($0.18) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.08). The business had revenue of $156.31 million for the quarter, compared to analysts’ expectations of $157.74 million. As a group, research analysts forecast that InnovAge Holding Corp. will post -0.33 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 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, dental, mental health and psychiatric, meals, and activities, as well as physical, occupational, and speech therapy; transportation to the PACE center and third-party medical appointments; and care management.
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