InnovAge (NASDAQ:INNV) Sees Unusually-High Trading Volume

Shares of InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-strong trading volume on Monday . Approximately 32,979 shares were traded during trading, an increase of 3% from the previous session’s volume of 32,045 shares.The stock last traded at $5.51 and had previously closed at $5.10.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lowered their price objective on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th.

InnovAge Stock Down 2.5 %

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a 50 day moving average price of $4.56 and a 200-day moving average price of $4.85. The stock has a market capitalization of $681.31 million, a P/E ratio of -20.87 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last posted its earnings results on Tuesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 10.51% and a negative net margin of 4.16%. The company had revenue of $193.07 million for the quarter, compared to analysts’ expectations of $188.64 million. As a group, research analysts expect that InnovAge Holding Corp. will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

An institutional investor recently raised its position in InnovAge stock. Kent Lake Capital LLC grew its stake in InnovAge Holding Corp. (NASDAQ:INNV) by 3.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,750,000 shares of the company’s stock after acquiring an additional 62,141 shares during the quarter. InnovAge accounts for 3.4% of Kent Lake Capital LLC’s portfolio, making the stock its 10th biggest holding. Kent Lake Capital LLC owned about 1.29% of InnovAge worth $7,770,000 as of its most recent filing with the Securities and Exchange Commission. 12.26% of the stock is owned by institutional investors and hedge funds.

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.