InnovAge (NASDAQ:INNV) Shares Gap Down to $4.00

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $4.00, but opened at $3.83. InnovAge shares last traded at $4.00, with a volume of 5,883 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on INNV. 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. JPMorgan Chase & Co. reduced their price target on InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th.

InnovAge Price Performance

The firm has a market capitalization of $550.40 million, a PE ratio of -16.00 and a beta of 0.15. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a 50-day simple moving average of $4.63 and a 200-day simple moving average of $5.32.

InnovAge (NASDAQ:INNV) last issued its 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). The company had revenue of $188.90 million for the quarter, compared to the consensus estimate of $181.51 million. InnovAge had a negative return on equity of 10.53% and a negative net margin of 4.38%. During the same quarter last year, the company earned ($0.07) EPS. As a group, equities analysts forecast that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

Several large investors have recently modified their holdings of the stock. Kent Lake Capital LLC increased its position in shares of InnovAge by 20.4% during the 4th 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 increased its position in shares of InnovAge by 10.5% during the 3rd 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 during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position 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 valued at $30,000 after purchasing an additional 4,034 shares during the last quarter. Institutional investors 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.