InnovAge (NASDAQ:INNV) Trading Down 0.3% – What’s Next?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price was down 0.3% during mid-day trading on Monday . The company traded as low as $3.33 and last traded at $3.48. Approximately 68,711 shares were traded 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 target price on shares of InnovAge in a report on Tuesday, December 17th.

InnovAge Price Performance

The company has a market cap of $443.60 million, a price-to-earnings ratio of -17.26 and a beta of 0.39. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.16 and a current ratio of 1.16. The business has a fifty day moving average price of $3.54 and a 200 day moving average price of $4.76.

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

Institutional Investors Weigh In On InnovAge

A number of institutional investors have recently added to or reduced their stakes in the business. Barclays PLC grew its stake in shares of InnovAge by 13.6% in the fourth quarter. Barclays PLC now owns 29,099 shares of the company’s stock worth $115,000 after purchasing an additional 3,485 shares during the last quarter. State Street Corp grew its position in shares of InnovAge by 1.2% in 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. Bank of America Corp DE grew its position in shares of InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after buying an additional 5,936 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after buying an additional 6,153 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of InnovAge during the fourth quarter worth about $43,000. 12.26% of the stock is owned by institutional investors.

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.