InnovAge (NASDAQ:INNV) Shares Gap Up to $3.80

InnovAge Holding Corp. (NASDAQ:INNV) gapped up before the market opened on Friday . The stock had previously closed at $3.80, but opened at $4.10. InnovAge shares last traded at $4.07, with a volume of 686 shares.

Analyst Upgrades and Downgrades

INNV has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. The Goldman Sachs Group reduced their price target on shares of 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 Up 2.9 %

The business has a fifty day moving average price of $4.54 and a two-hundred day moving average price of $5.29. The firm has a market cap of $531.37 million, a PE ratio of -15.20 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.

InnovAge (NASDAQ:INNV) last posted its quarterly 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). InnovAge had a negative net margin of 4.38% and a negative return on equity of 10.53%. The business had revenue of $188.90 million during the quarter, compared to analyst estimates of $181.51 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. On average, analysts anticipate 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 have recently modified their holdings of INNV. Kent Lake Capital LLC grew 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 valued at $10,127,000 after purchasing an additional 285,536 shares in the last quarter. Cambiar Investors LLC lifted its holdings in shares of InnovAge by 10.5% during the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock valued at $1,818,000 after buying an additional 28,890 shares during the last quarter. 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 buying an additional 4,034 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.