InnovAge (NASDAQ:INNV) Shares Gap Up to $3.88

Shares of InnovAge Holding Corp. (NASDAQ:INNV) gapped up prior to trading on Thursday . The stock had previously closed at $3.88, but opened at $4.16. InnovAge shares last traded at $4.16, with a volume of 439 shares changing hands.

Analyst Ratings Changes

Several equities research analysts recently weighed in on INNV shares. JPMorgan Chase & Co. reduced their price target 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. The Goldman Sachs Group reduced their target price 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 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 firm has a 50 day moving average price of $4.43 and a 200-day moving average price of $5.23.

InnovAge (NASDAQ:INNV) last issued its quarterly 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 return on equity of 10.53% and a negative net margin of 4.38%. The company 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 company earned ($0.07) earnings per share. Research analysts expect that InnovAge Holding Corp. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Large investors have recently made changes to their positions in the company. Kent Lake Capital LLC lifted 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 worth $10,127,000 after purchasing an additional 285,536 shares during the last quarter. Cambiar Investors LLC raised its holdings in shares of InnovAge by 10.5% in the third 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, Allspring Global Investments Holdings LLC lifted its stake 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 worth $30,000 after acquiring an additional 4,034 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.