InnovAge (NASDAQ:INNV) Shares Gap Down – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV) gapped down before the market opened on Wednesday . The stock had previously closed at $10.65, but opened at $9.73. InnovAge shares last traded at $9.6130, with a volume of 1,655,909 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a report on Thursday, August 13th. Wall Street Zen cut InnovAge from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Finally, KeyCorp boosted their price target on InnovAge from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $10.50.

InnovAge Trading Down 13.8%

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.23. The company’s 50-day moving average is $11.01 and its 200 day moving average is $9.45. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -461.55 and a beta of 0.40.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, September 8th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). InnovAge had a negative return on equity of 1.03% and a negative net margin of 0.26%.The firm had revenue of $261.95 million during the quarter, compared to analyst estimates of $238.33 million. Research analysts predict that InnovAge Holding Corp. will post 0.43 EPS for the current year.

Hedge Funds Weigh In On InnovAge

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of InnovAge in the second quarter valued at approximately $17,652,000. Algert Global LLC lifted its position in shares of InnovAge by 844.1% during the 2nd quarter. Algert Global LLC now owns 630,520 shares of the company’s stock valued at $7,472,000 after buying an additional 563,735 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in InnovAge in the 1st quarter valued at $4,250,000. Arrowstreet Capital Limited Partnership acquired a new stake in InnovAge in the 1st quarter valued at $3,349,000. Finally, Renaissance Technologies LLC increased its holdings in InnovAge by 100.8% in the 1st quarter. Renaissance Technologies LLC now owns 370,817 shares of the company’s stock worth $2,974,000 after acquiring an additional 186,117 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

InnovAge Company Profile

InnovAge is a healthcare services company that provides comprehensive care for older adults through the Program of All-Inclusive Care for the Elderly (PACE). Its programs are designed for individuals who are eligible for nursing-home-level care but can continue living in their homes and communities with coordinated medical and support services.

The company’s services include primary and specialty medical care, behavioral health, pharmacy services, rehabilitation, dentistry, social services, nutrition support, transportation and in-home care.