InnovAge (NASDAQ:INNV) Trading Down 0.3% – Here’s Why

InnovAge Holding Corp. (NASDAQ:INNV) dropped 0.3% on Monday . The company traded as low as $3.33 and last traded at $3.48. Approximately 68,711 shares changed hands during trading, an increase of 50% from the average daily volume of 45,724 shares. The stock had previously closed at $3.49.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. reissued an “underweight” rating and issued a $5.00 price objective on shares of InnovAge in a research report on Tuesday, December 17th.

InnovAge Stock Performance

The stock has a market cap of $443.60 million, a price-to-earnings ratio of -17.26 and a beta of 0.39. The company’s fifty day simple moving average is $3.54 and its two-hundred day simple moving average is $4.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.16 and a quick ratio of 1.16.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, February 4th. The company reported ($0.10) earnings per share for the quarter. InnovAge had a negative net margin of 3.19% and a negative return on equity of 9.45%. On average, analysts forecast that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its holdings in shares of InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after purchasing an additional 19,029 shares during the period. JPMorgan Chase & Co. raised its stake in shares of InnovAge by 191.5% in the third quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock valued at $148,000 after buying an additional 16,217 shares during the period. State Street Corp lifted its position in shares of InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after buying an additional 4,218 shares during the last quarter. SG Americas Securities LLC purchased a new stake in InnovAge in the 4th quarter worth about $43,000. Finally, Geode Capital Management LLC lifted its stake in shares of InnovAge by 5.5% during the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after buying an additional 27,304 shares in the last quarter. Hedge funds and other institutional investors 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 its 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.