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

Shares of InnovAge Holding Corp. (NASDAQ:INNV) hit a new 52-week low during mid-day trading on Thursday . The stock 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 Upgrades and Downgrades

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

InnovAge Stock Performance

The stock’s fifty day moving average price is $4.58 and its two-hundred day moving average price is $5.30. The company has a market cap of $516.42 million, a P/E ratio of -15.96 and a beta of 0.15. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.27.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its position in 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 acquiring an additional 4,034 shares during the period. Cambiar Investors LLC raised its position in InnovAge by 10.5% during 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. Finally, Kent Lake Capital LLC lifted its holdings in InnovAge by 20.5% during the 3rd quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after buying an additional 238,551 shares during the period. Institutional investors and hedge funds 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.