InnovAge (NASDAQ:INNV) Stock Price Down 4.9%

Shares of InnovAge Holding Corp. (NASDAQ:INNV) dropped 4.9% during trading on Tuesday . The stock traded as low as $4.43 and last traded at $4.43. Approximately 383 shares changed hands during trading, a decline of 98% from the average daily volume of 22,554 shares. The stock had previously closed at $4.66.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on INNV shares. The Goldman Sachs Group lowered their price objective on InnovAge from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, February 8th. JPMorgan Chase & Co. reduced their price objective 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.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.27. The company’s 50-day moving average price is $5.13 and its 200-day moving average price is $5.61.

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

Institutional Investors Weigh In On InnovAge

Several large investors have recently bought and sold shares of INNV. Kent Lake Capital LLC grew its position in shares of 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 buying an additional 285,536 shares in the last quarter. Cambiar Investors LLC lifted its stake 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 during the last quarter. Barclays PLC grew its holdings in InnovAge by 690.2% during the 4th quarter. Barclays PLC now owns 25,959 shares of the company’s stock worth $155,000 after acquiring an additional 22,674 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings 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 valued at $894,000 after purchasing an additional 7,387 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of InnovAge by 386.4% during 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. 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.