InnovAge (NASDAQ:INNV) Stock Price Up 7%

InnovAge Holding Corp. (NASDAQ:INNV)’s share price shot up 7% during trading on Tuesday . The stock traded as high as $4.00 and last traded at $3.98. 16,906 shares were traded during trading, a decline of 31% from the average session volume of 24,509 shares. The stock had previously closed at $3.72.

Analyst Ratings Changes

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

InnovAge Stock Down 4.8 %

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 company has a market capitalization of $481.08 million, a PE ratio of -15.20 and a beta of 0.15. The business’s 50 day simple moving average is $4.48 and its 200 day simple moving average is $5.25.

InnovAge (NASDAQ:INNV) last issued its earnings results on Monday, February 5th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $188.90 million for the quarter, compared to the consensus estimate of $181.51 million. InnovAge had a negative return on equity of 10.53% and a negative net margin of 4.38%. During the same quarter in the prior year, the company earned ($0.07) EPS. As a group, analysts forecast that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Hedge Funds Weigh In On InnovAge

Hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in InnovAge by 386.4% in 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 InnovAge by 10.5% during the third 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 during the last quarter. Finally, Kent Lake Capital LLC grew its holdings in InnovAge by 20.5% during the third 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 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.