InnovAge (NASDAQ:INNV) Reaches New 12-Month Low at $3.80

InnovAge Holding Corp. (NASDAQ:INNV) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $3.80 and last traded at $3.80, with a volume of 25608 shares trading hands. The stock had previously closed at $3.99.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. lowered 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 dropped 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.

InnovAge Stock Up 2.9 %

The firm’s 50 day simple moving average is $4.51 and its 200-day simple moving average is $5.27. 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 stock has a market capitalization of $531.37 million, a price-to-earnings ratio of -15.64 and a beta of 0.15.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in shares of InnovAge by 386.4% during the 3rd 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 in the last quarter. Cambiar Investors LLC boosted its holdings in shares of 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 purchasing an additional 28,890 shares in the last quarter. Finally, Kent Lake Capital LLC increased its stake in shares of InnovAge by 20.5% in the 3rd quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock valued at $8,400,000 after purchasing an additional 238,551 shares during the last quarter. 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.