InnovAge (NASDAQ:INNV) Shares Gap Up to $3.88

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $3.88, but opened at $4.16. InnovAge shares last traded at $4.16, with a volume of 439 shares traded.

Analyst Ratings Changes

INNV has been the topic of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. The Goldman Sachs Group cut their price objective on InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, February 8th.

InnovAge Stock Performance

The stock’s fifty day moving average price is $4.39 and its 200 day moving average price is $5.21. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26.

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

Institutional Investors Weigh In On InnovAge

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kent Lake Capital LLC lifted its holdings in shares of InnovAge by 20.4% during the 4th quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock valued at $10,127,000 after buying an additional 285,536 shares during the period. Cambiar Investors LLC lifted its holdings in InnovAge by 10.5% in the third 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 during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in InnovAge by 386.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock worth $30,000 after purchasing an additional 4,034 shares during the last quarter. Hedge funds and other institutional investors 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.