InnovAge (NASDAQ:INNV) Shares Gap Up to $3.91

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.91, but opened at $4.05. InnovAge shares last traded at $4.05, with a volume of 776 shares traded.

Analyst Upgrades and Downgrades

INNV has been the topic of several recent research reports. The Goldman Sachs Group cut their target price on InnovAge from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Thursday, February 8th. JPMorgan Chase & Co. cut their target price on InnovAge from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Wednesday, March 13th.

InnovAge Stock Up 5.9 %

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 business has a 50 day moving average price of $4.77 and a 200 day moving average price of $5.38. The firm has a market capitalization of $562.63 million, a P/E ratio of -16.56 and a beta of 0.15.

InnovAge (NASDAQ:INNV - Get Free Report) last posted its quarterly earnings data on Monday, February 5th. The company reported ($0.03) EPS for the quarter, hitting 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 business had revenue of $188.90 million for the quarter, compared to analyst estimates of $181.51 million. During the same period in the previous year, the company posted ($0.07) earnings per share. On average, analysts predict that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of INNV. Allspring Global Investments Holdings LLC raised its position in shares of 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 acquiring an additional 4,034 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of InnovAge by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company's stock valued at $894,000 after buying an additional 7,387 shares in the last quarter. Barclays PLC raised its position in shares of InnovAge by 690.2% in the fourth quarter. Barclays PLC now owns 25,959 shares of the company's stock valued at $155,000 after buying an additional 22,674 shares in the last quarter. Cambiar Investors LLC raised its position in shares of InnovAge by 10.5% in the third quarter. Cambiar Investors LLC now owns 303,557 shares of the company's stock valued at $1,818,000 after buying an additional 28,890 shares in the last quarter. Finally, Kent Lake Capital LLC increased its stake in InnovAge by 20.5% in the third quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company's stock valued at $8,400,000 after acquiring an additional 238,551 shares during the last quarter. 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.