InnovAge (NASDAQ:INNV) Hits New 1-Year Low at $3.80

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.80 and last traded at $3.80, with a volume of 25608 shares trading hands. The stock had previously closed at $3.99.

Wall Street Analyst Weigh In

A number of research firms have issued reports on INNV. JPMorgan Chase & Co. reduced their price target on InnovAge from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. The Goldman Sachs Group reduced their target price on shares of InnovAge from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th.

InnovAge Stock Performance

The company has a market capitalization of $516.42 million, a price-to-earnings ratio of -15.96 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. The stock has a 50 day simple moving average of $4.58 and a two-hundred day simple moving average of $5.30.

InnovAge (NASDAQ:INNV) last issued its earnings results on Monday, February 5th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $188.90 million for the quarter, compared to analyst estimates 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 quarter last year, the company earned ($0.07) EPS. As a group, analysts anticipate that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of INNV. Kent Lake Capital LLC grew its stake in InnovAge by 20.4% during the 4th quarter. Kent Lake Capital LLC now owns 1,687,859 shares of the company’s stock worth $10,127,000 after buying an additional 285,536 shares during the last quarter. Cambiar Investors LLC boosted its holdings 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 acquiring an additional 28,890 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of InnovAge by 386.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock worth $30,000 after acquiring an additional 4,034 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.