InnovAge (NASDAQ:INNV) Stock Price Down 4.9%

InnovAge Holding Corp. (NASDAQ:INNV) fell 4.9% on Wednesday . The stock traded as low as $3.89 and last traded at $3.89. 361 shares changed hands during trading, a decline of 98% from the average session volume of 23,748 shares. The stock had previously closed at $4.09.

Wall Street Analyst Weigh In

Several research firms recently weighed in on INNV. JPMorgan Chase & Co. cut 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 cut 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.

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 firm has a 50 day moving average of $4.75 and a 200-day moving average of $5.37.

InnovAge (NASDAQ:INNV) last issued 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 firm had revenue of $188.90 million for the quarter, compared to analyst estimates of $181.51 million. During the same period in the previous year, the company posted ($0.07) earnings per share. Analysts anticipate that InnovAge Holding Corp. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

Several institutional investors and hedge funds have recently added to or reduced their stakes in INNV. Kent Lake Capital LLC increased its stake 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 acquiring an additional 285,536 shares during the period. Cambiar Investors LLC grew its stake in shares of 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 purchasing an additional 28,890 shares during the period. Barclays PLC grew its stake in shares of InnovAge by 690.2% in the 4th quarter. Barclays PLC now owns 25,959 shares of the company’s stock valued at $155,000 after purchasing an additional 22,674 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of InnovAge by 5.2% in the 3rd 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 during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of 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 purchasing an additional 4,034 shares during the period. 12.26% of the stock is currently owned by institutional investors.

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.