Kent Lake Capital LLC Boosts Stake in InnovAge Holding Corp. (NASDAQ:INNV)

Kent Lake Capital LLC grew its holdings in shares of InnovAge Holding Corp. (NASDAQ:INNV - Free Report) by 20.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,687,859 shares of the company's stock after purchasing an additional 285,536 shares during the quarter. InnovAge makes up about 3.9% of Kent Lake Capital LLC's investment portfolio, making the stock its 7th biggest position. Kent Lake Capital LLC owned 1.24% of InnovAge worth $10,127,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position 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 worth $30,000 after buying an additional 4,034 shares during the period. Cambiar Investors LLC raised its position in shares of InnovAge by 10.5% in the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company's stock worth $1,818,000 after buying an additional 28,890 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of InnovAge by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company's stock worth $894,000 after buying an additional 7,387 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. 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 research report on Wednesday, March 13th. The Goldman Sachs Group cut their price objective on InnovAge from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Thursday, February 8th.

InnovAge Stock Performance

NASDAQ INNV traded down $0.08 during trading hours on Friday, reaching $4.51. The company's stock had a trading volume of 7,720 shares, compared to its average volume of 18,596. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26. The business has a 50-day simple moving average of $4.96 and a 200 day simple moving average of $5.49. InnovAge Holding Corp. has a 52 week low of $3.96 and a 52 week high of $8.05. The stock has a market cap of $612.91 million, a PE ratio of -18.04 and a beta of 0.15.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its earnings results on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $181.51 million. During the same quarter last year, the company posted ($0.07) earnings per share. Equities research analysts predict that InnovAge Holding Corp. will post -0.14 earnings per share for the current fiscal year.

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.