InnovAge (NASDAQ:INNV) Shares Up 7%

Shares of InnovAge Holding Corp. (NASDAQ:INNV) shot up 7% on Tuesday . The stock traded as high as $4.00 and last traded at $3.98. 16,906 shares changed hands during mid-day 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 recently weighed in on INNV. JPMorgan Chase & Co. reduced their price objective on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th. The Goldman Sachs Group reduced their price objective on shares of InnovAge from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, February 8th.

InnovAge Stock Down 4.8 %

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 has a market capitalization of $481.08 million, a price-to-earnings ratio of -15.20 and a beta of 0.15. The stock’s fifty day simple moving average is $4.48 and its two-hundred day simple moving average is $5.25.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data 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 company had revenue of $188.90 million during the quarter, compared to analyst estimates of $181.51 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. On average, sell-side analysts anticipate that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Institutional Trading of InnovAge

A number of hedge funds have recently bought and sold shares of the company. Kent Lake Capital LLC lifted its stake in InnovAge by 20.4% during the fourth quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock valued at $10,127,000 after buying an additional 285,536 shares in the last quarter. Cambiar Investors LLC increased its holdings in shares of 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 period. Finally, Allspring Global Investments Holdings LLC increased its holdings 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 valued at $30,000 after purchasing an additional 4,034 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.