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

Shares of 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.

Wall Street Analysts Forecast Growth

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

The stock’s 50-day moving average is $4.51 and its 200-day moving average is $5.27. The stock has a market cap of $531.37 million, a price-to-earnings ratio of -15.64 and a beta of 0.15. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26.

InnovAge (NASDAQ:INNV) last posted 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). InnovAge had a negative net margin of 4.38% and a negative return on equity of 10.53%. The firm had revenue of $188.90 million during the quarter, compared to the consensus estimate of $181.51 million. During the same quarter in the prior year, the company earned ($0.07) EPS. On average, analysts expect that InnovAge Holding Corp. will post -0.14 EPS for the current year.

Institutional Trading of InnovAge

Several large investors have recently bought and sold shares of the company. Kent Lake Capital LLC grew its position 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 acquiring an additional 285,536 shares in the last quarter. Cambiar Investors LLC grew its position in InnovAge by 10.5% in the third quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock valued at $1,818,000 after acquiring an additional 28,890 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew 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 valued at $30,000 after acquiring an additional 4,034 shares in the last quarter. Institutional investors and hedge funds 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.