T. Rowe Price Investment Manageme recently announced the acquisition of new stake in InnovAge Holding Corp. (NASDAQ:INNV). This fresh investment now brings its stake to 3.71% valued currently at $36.06 million. In addition, Coliseum Capital Management LLC raised its holdings by 0.61 million to 4.63 million shares. And The Vanguard Group, Inc. has lifted its position by 0.35% or 6559.0 shares – to 1.87 million shares.
With over 82657.0 InnovAge Holding Corp. (INNV) shares trading Tuesday and a closing price of $7.55 on the day, the dollar volume was approximately $0.62 million. The shares have shown a positive half year performance of 62.37% and its price on 01/24/23 gained nearly 2.17%. Currently, there are 135.57M common shares owned by the public and among those 18.71M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for INNV have a consensus price objective of $7.00. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $5.00. The average price target is -7.86% below its recent price level and a downside to the estimated low will see the stock lose -51.0% over that period. But an upside of 5.63% will see the stock hit the forecast high price target while median target price for the stock is $7.50.
Insiders at the company have transacted a total of 8 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 385,761 shares. Insider sales of the common stock occurred on 2 occasions, with total insider shares sold totaling 30,769 shares.
The top 3 mutual fund holders in InnovAge Holding Corp. are T Rowe Price Small Cap Value Fund, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. T Rowe Price Small Cap Value Fund owns 3.66 million shares of the company’s stock, all valued at over $26.28 million. The company bought an additional 0.17 million shares recently to bring their total holdings to about 2.70% of the shares outstanding. Vanguard Small Cap Index Fund bought 20028.0 shares to bring its total holdings to over 0.53 million shares at a value of $3.79 million. Vanguard Small Cap Index Fund now owns shares totaling to 0.39% of the shares outstanding.
Shares of InnovAge Holding Corp. (NASDAQ: INNV) opened at $7.36, down -$0.03 from a prior closing price of $7.39. However, the script later moved the day high at 7.99, up 2.17%. The company’s stock has a 5-day price change of -0.40% and 38.53% over the past three months. INNV shares are trading 5.15% year to date (YTD), with the 12-month market performance up to 67.04% higher. It has a 12-month low price of $3.39 and touched a high of $7.85 over the same period. INNV has an average intraday trading volume of 56.86K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.63%, 5.94%, and 36.47% respectively.
Institutional ownership of InnovAge Holding Corp. (NASDAQ: INNV) shares accounts for 12.60% of the company’s 135.57M shares outstanding. Mutual fund holders own 6.08%, while other institutional holders and individual stakeholders account for 6.38% and 0.61% respectively.
It has a market capitalization of $989.20M. The earnings-per-share (ttm) stands at -$0.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.71% over the week and 6.74% over the month.
Analysts forecast that InnovAge Holding Corp. (INNV) will achieve an EPS of -$0.03 for the current quarter, -$0.03 for the next quarter and $0 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of -$0.01. Comparatively, EPS for the current quarter was $0.06 a year ago. Earnings per share for the fiscal year are expected to increase by 86.50%, and 48.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate InnovAge Holding Corp. (INNV) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 5 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the INNV, a number of firms have released research notes about the stock. Robert W. Baird stated their Neutral rating for the stock in a research note on May 16, 2022, with the firm’s price target at $6-$5. Piper Sandler coverage for the InnovAge Holding Corp. (INNV) stock in a research note released on April 20, 2022 offered a Underweight rating with a price target of $5. Citigroup was of a view on January 10, 2022 that the stock is Neutral, while Goldman gave the stock Neutral rating on December 28, 2021, issuing a price target of $15- $4. Barclays on their part issued Equal Weight rating on December 27, 2021.
