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

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

Analyst Ratings Changes

INNV has been the topic of several recent analyst reports. The Goldman Sachs Group dropped their price target on shares of InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. JPMorgan Chase & Co. dropped their price target on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th.

InnovAge Price Performance

The company 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 company’s 50 day simple moving average is $4.63 and its 200 day simple moving average is $5.32.

InnovAge (NASDAQ:INNV) last announced its earnings results on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $188.90 million for the quarter, compared to analyst estimates of $181.51 million. InnovAge had a negative net margin of 4.38% and a negative return on equity of 10.53%. During the same period last year, the firm posted ($0.07) earnings per share. As a group, sell-side analysts predict that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

Hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its position in shares of InnovAge by 386.4% during 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 last quarter. Cambiar Investors LLC grew its position in shares of InnovAge by 10.5% during the third quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after acquiring an additional 28,890 shares during the last quarter. Finally, Kent Lake Capital LLC grew its position in shares of InnovAge by 20.5% during the third quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after acquiring an additional 238,551 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.