InnovAge (NASDAQ:INNV) Stock Price Down 6.9% - Here's Why

Key Points

• InnovAge Holding Corp. shares fell 6.9%, closing at $4.72 after trading as low as $4.78, with a significant decrease in trading volume compared to the average.
• JPMorgan Chase & Co. initiated coverage on InnovAge with an "underweight" rating and a price target of $5.00, reflecting a cautious outlook on the stock.
• The company's latest earnings showed a better-than-expected EPS of ($0.01), beating the consensus estimate, while revenue reached $221.42 million, slightly above projections.

Shares of InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) were down 6.9% during mid-day trading on Friday . The stock traded as low as $4.78 and last traded at $4.72. Approximately 34,188 shares changed hands during trading, a decline of 26% from the average daily volume of 45,922 shares. The stock had previously closed at $5.07.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. started coverage on shares of InnovAge in a report on Thursday. They set an "underweight" rating and a $5.00 target price on the stock. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $5.00.

InnovAge Trading Up 6.9%

The firm's fifty day moving average is $3.90 and its 200-day moving average is $3.65. The firm has a market cap of $671.42 million, a price-to-earnings ratio of -21.52 and a beta of 0.52. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.07 and a quick ratio of 1.07.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings data on Tuesday, September 9th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. The firm had revenue of $221.42 million for the quarter, compared to analyst estimates of $219.80 million. InnovAge had a negative net margin of 3.55% and a negative return on equity of 12.02%. InnovAge has set its FY 2026 guidance at EPS. Equities analysts anticipate that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Institutional Trading of InnovAge

A number of institutional investors have recently modified their holdings of INNV. Jane Street Group LLC lifted its stake in InnovAge by 230.6% in the 4th quarter. Jane Street Group LLC now owns 39,398 shares of the company's stock worth $155,000 after purchasing an additional 27,481 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of InnovAge by 2.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company's stock valued at $490,000 after purchasing an additional 4,535 shares during the last quarter. Squarepoint Ops LLC bought a new stake in InnovAge in the 4th quarter worth $68,000. BNP Paribas Financial Markets bought a new stake in InnovAge in the 4th quarter worth $123,000. Finally, Northern Trust Corp lifted its position in shares of InnovAge by 4.7% in the 4th quarter. Northern Trust Corp now owns 330,099 shares of the company's stock worth $1,297,000 after purchasing an additional 14,900 shares during the period. 12.26% of the stock is currently 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 its 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.