InnovAge (NASDAQ:INNV) Shares Gap Up to $3.88

InnovAge Holding Corp. (NASDAQ:INNV) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.88, but opened at $4.16. InnovAge shares last traded at $4.16, with a volume of 439 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group decreased their price objective on InnovAge from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, February 8th. JPMorgan Chase & Co. decreased their price target on InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th.

InnovAge Trading Down 1.0 %

The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average is $4.39 and its 200 day moving average is $5.21.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its stake in 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 acquiring an additional 4,034 shares during the period. Cambiar Investors LLC grew its position in shares of 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 purchasing an additional 28,890 shares during the period. Finally, Kent Lake Capital LLC increased its stake in shares of InnovAge by 20.5% during the third quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after purchasing an additional 238,551 shares in the last quarter. 12.26% of the stock is 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.