InnovAge (NASDAQ:INNV) Hits New 12-Month Low at $3.80

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.80 and last traded at $3.80, with a volume of 25608 shares trading hands. The stock had previously closed at $3.99.

Analyst Ratings Changes

A number of equities research analysts have commented on INNV shares. The Goldman Sachs Group decreased their target price on shares of InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. JPMorgan Chase & Co. decreased their price objective on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th.

InnovAge Price Performance

The firm has a 50 day moving average of $4.51 and a 200-day moving average of $5.27. 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 company has a market cap of $531.37 million, a P/E ratio of -15.64 and a beta of 0.15.

InnovAge (NASDAQ:INNV) last released 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). The firm had revenue of $188.90 million for the quarter, compared to analysts’ expectations 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 quarter last year, the business posted ($0.07) earnings per share. On average, equities research analysts predict that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On InnovAge

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its stake in InnovAge by 386.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock valued at $30,000 after buying an additional 4,034 shares during the last quarter. Cambiar Investors LLC raised its stake in InnovAge by 10.5% in the 3rd 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 lifted its holdings in InnovAge by 20.5% in the 3rd 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 in the last quarter. 12.26% of the stock is owned by institutional investors.

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.