InnovAge (NASDAQ:INNV) Stock Price Down 4.9%

Shares of InnovAge Holding Corp. (NASDAQ:INNV) fell 4.9% during mid-day trading on Wednesday . The company traded as low as $3.89 and last traded at $3.89. 361 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 23,748 shares. The stock had previously closed at $4.09.

Analysts Set New Price Targets

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

InnovAge Stock Up 4.2 %

The business has a 50 day simple moving average of $4.75 and a two-hundred day simple moving average of $5.37. 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 quarterly earnings data 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 firm had revenue of $188.90 million during the quarter, compared to analyst estimates of $181.51 million. During the same quarter last year, the firm earned ($0.07) EPS. Equities analysts expect that InnovAge Holding Corp. will post -0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On InnovAge

Hedge funds have recently bought and sold shares of the business. Kent Lake Capital LLC grew its position in shares of InnovAge by 20.4% in the 4th quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock worth $10,127,000 after acquiring an additional 285,536 shares in the last quarter. Cambiar Investors LLC grew its position in shares of InnovAge by 10.5% in 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. Barclays PLC grew its position in shares of InnovAge by 690.2% in the 4th quarter. Barclays PLC now owns 25,959 shares of the company’s stock worth $155,000 after acquiring an additional 22,674 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of InnovAge by 5.2% in 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. Finally, Allspring Global Investments Holdings LLC grew its position in shares of InnovAge by 386.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock worth $30,000 after acquiring an additional 4,034 shares in 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.