InnovAge (NASDAQ:INNV) Stock Price Up 5%

InnovAge Holding Corp. (NASDAQ:INNV) rose 5% during mid-day trading on Monday . The company traded as high as $5.28 and last traded at $5.21. Approximately 4,747 shares changed hands during trading, a decline of 85% from the average daily volume of 31,567 shares. The stock had previously closed at $4.96.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lowered their target price on InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th.

InnovAge Trading Down 0.2 %

The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.25. The stock has a fifty day simple moving average of $4.42 and a 200-day simple moving average of $4.86.

InnovAge (NASDAQ:INNV) last issued its earnings results on Tuesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). InnovAge had a negative return on equity of 10.51% and a negative net margin of 4.16%. The firm had revenue of $193.07 million for the quarter, compared to analysts’ expectations of $188.64 million. As a group, equities analysts predict that InnovAge Holding Corp. will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

A hedge fund recently raised its stake in InnovAge stock. Kent Lake Capital LLC increased its holdings in shares of InnovAge Holding Corp. (NASDAQ:INNV) by 3.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,750,000 shares of the company’s stock after purchasing an additional 62,141 shares during the period. InnovAge makes up 3.4% of Kent Lake Capital LLC’s portfolio, making the stock its 10th biggest position. Kent Lake Capital LLC owned approximately 1.29% of InnovAge worth $7,770,000 as of its most recent SEC filing. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.