InnovAge (NASDAQ:INNV) Shares Up 5.6%

InnovAge Holding Corp. (NASDAQ:INNV) shot up 5.6% during mid-day trading on Monday . The stock traded as high as $4.17 and last traded at $4.17. 773 shares were traded during mid-day trading, a decline of 97% from the average session volume of 23,424 shares. The stock had previously closed at $3.95.

Analyst Ratings Changes

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

InnovAge Trading Down 0.7 %

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 stock’s fifty day simple moving average is $4.63 and its 200-day simple moving average is $5.32.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Monday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The firm had revenue of $188.90 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned ($0.07) EPS. On average, analysts expect that InnovAge Holding Corp. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently made changes to their positions in INNV. Allspring Global Investments Holdings LLC boosted its holdings 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 worth $30,000 after buying an additional 4,034 shares during the last quarter. Cambiar Investors LLC boosted its holdings in shares of InnovAge by 10.5% in the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after buying an additional 28,890 shares during the last quarter. Finally, Kent Lake Capital LLC boosted its holdings in shares of InnovAge by 20.5% in 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 during the last quarter. 12.26% of the stock is owned by hedge funds and other 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.