InnovAge (NASDAQ:INNV) Stock Price Down 3.3% – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV) shares were down 3.3% on Tuesday . The company traded as low as $4.08 and last traded at $4.08. Approximately 17,901 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 41,605 shares. The stock had previously closed at $4.22.

Analysts Set New Price Targets

Several brokerages recently issued reports on INNV. KeyCorp initiated coverage on shares of InnovAge in a report on Friday, October 11th. They set a “sector weight” rating on the stock. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $5.00 price target on shares of InnovAge in a research note on Tuesday, December 17th.

InnovAge Stock Performance

The company’s 50-day simple moving average is $5.17 and its 200-day simple moving average is $5.52. The stock has a market capitalization of $549.95 million, a price-to-earnings ratio of -33.83 and a beta of 0.31. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The business had revenue of $205.14 million during the quarter, compared to analyst estimates of $203.35 million. During the same period last year, the company earned ($0.08) EPS. On average, analysts expect that InnovAge Holding Corp. will post -0.06 EPS for the current year.

Institutional Trading of InnovAge

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of InnovAge by 5.5% in the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock worth $3,168,000 after purchasing an additional 27,304 shares during the period. Barclays PLC raised its stake in InnovAge by 289.0% during the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after buying an additional 19,029 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in InnovAge by 27.1% in the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after buying an additional 12,448 shares during the period. Charles Schwab Investment Management Inc. boosted its position in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after acquiring an additional 6,153 shares during the last quarter. Finally, State Street Corp grew its holdings in InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after acquiring an additional 4,218 shares during the period. 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 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.