InnovAge (NASDAQ:INNV) Shares Gap Up to $3.80

InnovAge Holding Corp. (NASDAQ:INNV)’s share price gapped up before the market opened on Friday . The stock had previously closed at $3.80, but opened at $4.10. InnovAge shares last traded at $4.07, with a volume of 686 shares trading hands.

Wall Street Analyst Weigh In

INNV has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price target on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, March 13th. The Goldman Sachs Group lowered their target price 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 Performance

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26. The stock has a market cap of $531.37 million, a P/E ratio of -15.20 and a beta of 0.15. The stock has a fifty day simple moving average of $4.54 and a 200-day simple moving average of $5.29.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $188.90 million during 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 in the previous year, the company earned ($0.07) earnings per share. Equities analysts expect that InnovAge Holding Corp. will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of InnovAge

Several hedge funds have recently added to or reduced their stakes in INNV. Kent Lake Capital LLC increased its holdings in shares of InnovAge by 20.4% in the fourth quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock worth $10,127,000 after acquiring an additional 285,536 shares in the last quarter. Cambiar Investors LLC grew 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 valued at $1,818,000 after purchasing an additional 28,890 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in 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 in the last quarter. Institutional investors and hedge funds 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.