InnovAge (NASDAQ:INNV) Shares Gap Up to $4.34

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $4.34, but opened at $4.54. InnovAge shares last traded at $4.54, with a volume of 266 shares traded.

Analyst Upgrades and Downgrades

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

InnovAge Stock Performance

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 moving average price of $5.13 and a two-hundred day moving average price of $5.61.

InnovAge (NASDAQ:INNV) last posted 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 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 analysts’ expectations of $181.51 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. As a group, research analysts expect that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Hedge Funds Weigh In On InnovAge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its stake in shares of InnovAge by 386.4% in the third 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. Cambiar Investors LLC grew its stake 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 acquiring an additional 28,890 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake 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 worth $894,000 after acquiring an additional 7,387 shares during the last quarter. Kent Lake Capital LLC grew its stake in shares of InnovAge by 20.5% in the third quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after acquiring an additional 238,551 shares during the last quarter. Finally, Barclays PLC boosted its stake in InnovAge by 690.2% during the fourth quarter. Barclays PLC now owns 25,959 shares of the company’s stock worth $155,000 after buying an additional 22,674 shares in the last quarter. 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.