InnovAge (NASDAQ:INNV) Shares Gap Down to $4.09

Shares of InnovAge Holding Corp. (NASDAQ:INNV) gapped down before the market opened on Thursday . The stock had previously closed at $4.09, but opened at $4.00. InnovAge shares last traded at $4.00, with a volume of 384 shares traded.

Analyst Ratings Changes

Several research firms recently weighed in on INNV. The Goldman Sachs Group cut their price objective on InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. JPMorgan Chase & Co. reduced their target price on InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th.

InnovAge Trading Up 3.5 %

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26. The firm’s fifty day moving average is $4.72 and its 200-day moving average is $5.36.

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). The firm had revenue of $188.90 million for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned ($0.07) earnings per share. Equities analysts anticipate that InnovAge Holding Corp. will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in 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 acquiring an additional 22,674 shares in the last quarter. Kent Lake Capital LLC boosted its stake in shares of InnovAge by 20.4% in the 4th quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock worth $10,127,000 after buying an additional 285,536 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of InnovAge by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock valued at $894,000 after acquiring an additional 7,387 shares during the last quarter. Cambiar Investors LLC raised its stake in shares of InnovAge by 10.5% during the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after purchasing an additional 28,890 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in 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 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.