InnovAge (NASDAQ:INNV) Trading 5% Higher

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price traded up 5% during mid-day trading on Monday . The stock traded as high as $5.28 and last traded at $5.21. 4,747 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 31,567 shares. The stock had previously closed at $4.96.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. dropped their price objective on InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th.

InnovAge Stock Performance

The firm has a 50-day moving average price of $4.38 and a 200 day moving average price of $4.87. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 1.25.

InnovAge (NASDAQ:INNV) last posted its earnings results on Tuesday, May 7th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 10.51% and a negative net margin of 4.16%. The company had revenue of $193.07 million for the quarter, compared to the consensus estimate of $188.64 million. On average, analysts anticipate that InnovAge Holding Corp. will post -0.17 EPS for the current year.

Hedge Funds Weigh In On InnovAge

A hedge fund recently raised its stake in InnovAge stock. Kent Lake Capital LLC increased its stake in shares of InnovAge Holding Corp. (NASDAQ:INNV) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,750,000 shares of the company’s stock after buying an additional 62,141 shares during the quarter. InnovAge comprises approximately 3.4% of Kent Lake Capital LLC’s investment portfolio, making the stock its 10th biggest position. Kent Lake Capital LLC owned about 1.29% of InnovAge worth $7,770,000 as of its most recent SEC filing. Hedge funds and other institutional investors 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.