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

InnovAge Holding Corp. (NASDAQ:INNV)’s share price gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

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

InnovAge Stock Performance

The stock’s 50-day moving average price is $5.13 and its 200-day moving average price is $5.61. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.27 and a quick ratio of 1.27.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). InnovAge had a negative net margin of 4.38% and a negative return on equity of 10.53%. 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 previous year, the company posted ($0.07) EPS. On average, research analysts expect that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

A number of institutional investors have recently modified their holdings of INNV. Kent Lake Capital LLC lifted its position in InnovAge by 20.5% during the 3rd quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after buying an additional 238,551 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in InnovAge by 386.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock valued at $30,000 after acquiring an additional 4,034 shares during the period. Cambiar Investors LLC raised its stake in InnovAge by 10.5% in the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock valued at $1,818,000 after acquiring an additional 28,890 shares during the period. Charles Schwab Investment Management Inc. increased its position in InnovAge by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock worth $894,000 after buying an additional 7,387 shares during the period. Finally, Barclays PLC increased its position in shares of InnovAge by 690.2% in the fourth quarter. Barclays PLC now owns 25,959 shares of the company’s stock worth $155,000 after purchasing an additional 22,674 shares during the period. 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.