InnovAge (NASDAQ:INNV) Shares Up 5.6%

InnovAge Holding Corp. (NASDAQ:INNV)’s share price shot up 5.6% on Monday . The stock traded as high as $4.17 and last traded at $4.17. 773 shares were traded during trading, a decline of 97% from the average session volume of 23,424 shares. The stock had previously closed at $3.95.

Wall Street Analysts Forecast Growth

A number of research firms have commented on INNV. The Goldman Sachs Group reduced their price target on shares of 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 target on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th.

InnovAge Stock Down 0.7 %

The company’s fifty day moving average is $4.63 and its 200 day moving average is $5.32. 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 announced its earnings results on Monday, February 5th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). InnovAge had a negative net margin of 4.38% and a negative return on equity of 10.53%. The business had revenue of $188.90 million during the quarter, compared to analysts’ expectations of $181.51 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. As a group, equities research analysts predict that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in INNV. Kent Lake Capital LLC raised its position in 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 acquiring an additional 285,536 shares in the last quarter. Cambiar Investors LLC raised its position in 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 acquiring an additional 28,890 shares in the last quarter. Finally, 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 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.

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.