InnovAge (NASDAQ:INNV) Shares Gap Up to $3.91

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $3.91, but opened at $4.05. InnovAge shares last traded at $4.05, with a volume of 776 shares trading hands.

Wall Street Analyst Weigh In

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

InnovAge Stock Performance

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26. The stock has a 50 day simple moving average of $4.75 and a two-hundred day simple moving average of $5.37.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.03) earnings per share for the quarter, meeting 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 company had revenue of $188.90 million for the quarter, compared to analysts’ expectations of $181.51 million. During the same period last year, the firm earned ($0.07) earnings per share. As a group, analysts anticipate that InnovAge Holding Corp. will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of InnovAge

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kent Lake Capital LLC increased its position in shares of InnovAge by 20.4% during the fourth quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock worth $10,127,000 after purchasing an additional 285,536 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of InnovAge by 386.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock worth $30,000 after buying an additional 4,034 shares during the last quarter. Cambiar Investors LLC grew its holdings in shares of InnovAge by 10.5% during the third quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after buying an additional 28,890 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of InnovAge by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock worth $894,000 after buying an additional 7,387 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of InnovAge by 690.2% during the fourth quarter. Barclays PLC now owns 25,959 shares of the company’s stock worth $155,000 after buying an additional 22,674 shares during the last quarter. Institutional investors and hedge funds 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.