InnovAge (NASDAQ:INNV) Shares Gap Down to $4.00

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $4.00, but opened at $3.83. InnovAge shares last traded at $4.00, with a volume of 5,883 shares.

Wall Street Analyst Weigh In

A number of research firms have weighed in on INNV. The Goldman Sachs Group decreased their price objective on InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. JPMorgan Chase & Co. cut their target price on InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, March 13th.

InnovAge Stock Down 4.8 %

The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average is $4.58 and its 200-day moving average is $5.30.

InnovAge (NASDAQ:INNV) last posted its earnings results on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $188.90 million during the quarter, compared to analysts’ expectations of $181.51 million. InnovAge had a negative net margin of 4.38% and a negative return on equity of 10.53%. During the same quarter in the previous year, the company posted ($0.07) earnings per share. As a group, equities research analysts forecast that InnovAge Holding Corp. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its stake in shares of InnovAge by 386.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock valued at $30,000 after buying an additional 4,034 shares in the last quarter. Cambiar Investors LLC increased its position in InnovAge by 10.5% in the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock valued at $1,818,000 after acquiring an additional 28,890 shares in the last quarter. Finally, Kent Lake Capital LLC raised its stake in shares of InnovAge by 20.5% in the third quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after acquiring an additional 238,551 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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. 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.