InnovAge (NASDAQ:INNV) Shares Gap Down to $4.09

Shares of InnovAge Holding Corp. (NASDAQ:INNV) gapped down prior to trading on Thursday . The stock had previously closed at $4.09, but opened at $4.00. InnovAge shares last traded at $4.00, with a volume of 384 shares.

Analyst Ratings Changes

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

InnovAge Trading Down 1.3 %

The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average price is $4.66 and its 200 day moving average price is $5.34.

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

Institutional Trading of InnovAge

A number of hedge funds have recently modified their holdings of INNV. Kent Lake Capital LLC raised 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 purchasing an additional 285,536 shares during the last quarter. Allspring Global Investments Holdings LLC raised 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 purchasing an additional 4,034 shares during the last quarter. Cambiar Investors LLC raised 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 purchasing an additional 28,890 shares during the last quarter. Barclays PLC raised 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 purchasing an additional 22,674 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised 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 purchasing an additional 7,387 shares during the last quarter. Institutional investors 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.