InnovAge (NASDAQ:INNV) Shares Gap Down to $4.09

Shares of InnovAge Holding Corp. (NASDAQ:INNV) gapped down prior to trading on Thursday . The stock had previously closed at $4.09, but opened at $4.00. InnovAge shares last traded at $4.00, with a volume of 384 shares traded.

Wall Street Analyst Weigh In

A number of research firms have weighed in on INNV. The Goldman Sachs Group reduced their target price on InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. JPMorgan Chase & Co. reduced their target price on InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.27. The business has a 50-day moving average price of $4.66 and a 200-day moving average price of $5.34.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.03) earnings per share for the quarter, meeting 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 for the quarter, compared to the consensus estimate of $181.51 million. During the same quarter last year, the company earned ($0.07) earnings per share. On average, equities analysts expect that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On InnovAge

Institutional investors have recently added to or reduced their stakes in the stock. Kent Lake Capital LLC boosted its position in 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 in the last quarter. Allspring Global Investments Holdings LLC boosted its position in InnovAge by 386.4% during the third 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 in the last quarter. Cambiar Investors LLC boosted its position in InnovAge by 10.5% during the third quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock valued at $1,818,000 after purchasing an additional 28,890 shares in the last quarter. Barclays PLC boosted its position in InnovAge by 690.2% during the fourth quarter. Barclays PLC now owns 25,959 shares of the company’s stock valued at $155,000 after purchasing an additional 22,674 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in InnovAge by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock valued at $894,000 after purchasing an additional 7,387 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

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.