InnovAge (NASDAQ:INNV) Trading Up 7%

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s share price shot up 7% on Tuesday . The company traded as high as $4.00 and last traded at $3.98. 16,906 shares changed hands during trading, a decline of 31% from the average session volume of 24,509 shares. The stock had previously closed at $3.72.

Analyst Ratings Changes

Several equities analysts recently weighed in on INNV shares. The Goldman Sachs Group cut their price objective on InnovAge from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Thursday, February 8th. JPMorgan Chase & Co. dropped their target price on shares of InnovAge from $7.00 to $6.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 13th.

InnovAge Price 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 $482.44 million, a price-to-earnings ratio of -15.20 and a beta of 0.15. The company's 50-day moving average is $4.48 and its 200-day moving average is $5.25.

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

Hedge Funds Weigh In On InnovAge

A number of institutional investors and hedge funds have recently bought and sold shares of INNV. Kent Lake Capital LLC grew its stake in shares of InnovAge by 20.4% during the fourth quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company's stock valued at $10,127,000 after purchasing an additional 285,536 shares during the last quarter. Cambiar Investors LLC boosted its position 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 buying an additional 28,890 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of InnovAge by 386.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company's stock valued at $30,000 after buying an additional 4,034 shares during the period. 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.