InnovAge (NASDAQ:INNV) Stock Price Up 7%

Shares of InnovAge Holding Corp. (NASDAQ:INNV) rose 7% during mid-day trading on Tuesday . The company traded as high as $4.00 and last traded at $3.98. Approximately 16,906 shares were traded during trading, a decline of 31% from the average daily volume of 24,509 shares. The stock had previously closed at $3.72.

Analyst Ratings Changes

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

InnovAge Trading Up 9.3 %

The business’s 50-day simple moving average is $4.43 and its 200 day simple moving average is $5.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.27.

InnovAge (NASDAQ:INNV) last released its earnings results on Monday, February 5th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The company 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 quarter last year, the firm earned ($0.07) EPS. As a group, sell-side analysts predict that InnovAge Holding Corp. will post -0.14 EPS for the current fiscal year.

Institutional Trading of InnovAge

Several large investors have recently modified their holdings of the business. Kent Lake Capital LLC lifted its stake in InnovAge by 20.4% in the fourth quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock worth $10,127,000 after acquiring an additional 285,536 shares during the period. Cambiar Investors LLC lifted its position 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 purchasing an additional 28,890 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of InnovAge by 386.4% during 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 in the last quarter. 12.26% of the stock is owned by 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.