InnovAge (NASDAQ:INNV) Trading Down 4.9%

InnovAge Holding Corp. (NASDAQ:INNV) was down 4.9% during mid-day trading on Tuesday . The stock traded as low as $4.43 and last traded at $4.43. Approximately 383 shares were traded during trading, a decline of 98% from the average daily volume of 22,554 shares. The stock had previously closed at $4.66.

Analyst Ratings Changes

Several research firms recently commented on INNV. The Goldman Sachs Group lowered their target price on InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, February 8th. JPMorgan Chase & Co. reduced their price objective on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th.

InnovAge Price Performance

The business has a 50-day moving average price of $5.13 and a 200 day moving average price of $5.61. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.27.

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

Institutional Investors Weigh In On InnovAge

Several large investors have recently made changes to their positions in INNV. Allspring Global Investments Holdings LLC raised its position in InnovAge by 386.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock valued at $30,000 after acquiring an additional 4,034 shares in the last quarter. Barclays PLC raised its holdings in InnovAge by 690.2% during the fourth quarter. Barclays PLC now owns 25,959 shares of the company’s stock valued at $155,000 after buying an additional 22,674 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of InnovAge by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock worth $894,000 after acquiring an additional 7,387 shares in the last quarter. Cambiar Investors LLC boosted its stake in shares of InnovAge by 10.5% during the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after acquiring an additional 28,890 shares in the last quarter. Finally, Kent Lake Capital LLC lifted its holdings in InnovAge by 20.5% in the 3rd quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after purchasing an additional 238,551 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

About InnovAge

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.