InnovAge (NASDAQ:INNV) Stock Price Down 4.9%

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

Wall Street Analysts Forecast Growth

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

InnovAge Price Performance

The company has a fifty day moving average price of $4.70 and a two-hundred day moving average price of $5.35. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting 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 company had revenue of $188.90 million for the quarter, compared to analysts’ expectations of $181.51 million. During the same period in the previous year, the company posted ($0.07) EPS. On average, sell-side analysts predict that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On InnovAge

A number of hedge funds have recently added to or reduced their stakes in the company. Kent Lake Capital LLC raised its stake in shares of InnovAge by 20.4% during the 4th quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock worth $10,127,000 after buying an additional 285,536 shares in the last quarter. Cambiar Investors LLC raised its position in InnovAge by 10.5% in 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. Charles Schwab Investment Management Inc. lifted its holdings in InnovAge by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock valued at $894,000 after acquiring an additional 7,387 shares during the period. Barclays PLC grew its stake in shares of InnovAge by 690.2% during the 4th quarter. Barclays PLC now owns 25,959 shares of the company’s stock worth $155,000 after purchasing an additional 22,674 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings 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 valued at $30,000 after purchasing 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.