InnovAge (NASDAQ:INNV) Shares Gap Down to $4.00

Shares of InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $4.00, but opened at $3.83. InnovAge shares last traded at $4.00, with a volume of 5,883 shares traded.

Analyst Upgrades and Downgrades

INNV has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price objective on 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 lowered their price objective on shares of InnovAge from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Thursday, February 8th.

InnovAge Stock Down 0.2 %

The stock has a market capitalization of $542.24 million, a P/E ratio of -16.16 and a beta of 0.15. The firm's 50-day simple moving average is $4.60 and its 200 day simple moving average is $5.31. 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 - Get Free Report) last released its earnings results on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) 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 business had revenue of $188.90 million for the quarter, compared to analyst estimates of $181.51 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. As a group, research analysts expect that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Institutional Trading of InnovAge

Hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its holdings in InnovAge by 386.4% during 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 last quarter. Cambiar Investors LLC raised its holdings in 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 acquiring an additional 28,890 shares during the period. Finally, Kent Lake Capital LLC boosted its holdings in shares of InnovAge by 20.5% during the third quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company's stock worth $8,400,000 after acquiring an additional 238,551 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.