InnovAge (NASDAQ:INNV) Hits New 52-Week Low at $3.93

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $3.93 and last traded at $3.93, with a volume of 5980 shares trading hands. The stock had previously closed at $4.08.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on INNV. The Goldman Sachs Group decreased their target price on InnovAge from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Thursday, February 8th. JPMorgan Chase & Co. decreased their target price on InnovAge from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, March 13th.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 1.27 and a quick ratio of 1.27. The company has a market capitalization of $539.52 million, a price-to-earnings ratio of -15.88 and a beta of 0.15. The stock has a 50 day simple moving average of $4.87 and a two-hundred day simple moving average of $5.43.

InnovAge (NASDAQ:INNV - Get Free Report) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.03) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.03). InnovAge had a negative return on equity of 10.53% and a negative net margin of 4.38%. The company had revenue of $188.90 million for the quarter, compared to analysts' expectations of $181.51 million. During the same period last year, the firm earned ($0.07) earnings per share. As a group, analysts anticipate that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Institutional Trading of InnovAge

A number of hedge funds and other institutional investors have recently bought and sold shares of INNV. Kent Lake Capital LLC raised its stake in InnovAge by 20.4% in 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 position in shares of InnovAge by 10.5% during the third 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 in the last quarter. Barclays PLC increased its position in shares of InnovAge by 690.2% during the fourth quarter. Barclays PLC now owns 25,959 shares of the company's stock worth $155,000 after purchasing an additional 22,674 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of InnovAge by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company's stock worth $894,000 after purchasing an additional 7,387 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of InnovAge by 386.4% during the third 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. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.