InnovAge (NASDAQ:INNV) Stock Price Down 4.9%

InnovAge Holding Corp. (NASDAQ:INNV)’s share price fell 4.9% during trading on Wednesday . The stock traded as low as $3.89 and last traded at $3.89. 361 shares were traded during mid-day trading, a decline of 98% from the average session volume of 23,748 shares. The stock had previously closed at $4.09.

Analysts Set New Price Targets

Several research firms have recently weighed in on INNV. 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 report on Wednesday, March 13th. The Goldman Sachs Group decreased their price objective on shares of InnovAge from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, February 8th.

InnovAge Stock Performance

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 has a fifty day moving average price of $4.70 and a 200 day moving average price of $5.35.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings results on Monday, February 5th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). InnovAge had a negative return on equity of 10.53% and a negative net margin of 4.38%. The company had revenue of $188.90 million during the quarter, compared to analyst estimates of $181.51 million. During the same period in the previous year, the company earned ($0.07) earnings per share. Research analysts expect that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of INNV. Allspring Global Investments Holdings LLC increased its stake 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 during the period. Cambiar Investors LLC boosted its holdings in InnovAge by 10.5% during the third quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock valued at $1,818,000 after purchasing an additional 28,890 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of InnovAge by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 149,277 shares of the company’s stock valued at $894,000 after purchasing an additional 7,387 shares during the period. Kent Lake Capital LLC raised 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 in the last quarter. Finally, Barclays PLC lifted its position in shares of InnovAge by 690.2% during the 4th quarter. Barclays PLC now owns 25,959 shares of the company’s stock worth $155,000 after buying an additional 22,674 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.