InnovAge (NASDAQ:INNV) Stock Price Up 5%

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price rose 5% on Tuesday . The stock traded as high as $4.44 and last traded at $4.43. Approximately 33,860 shares changed hands during mid-day trading, an increase of 26% from the average daily volume of 26,909 shares. The stock had previously closed at $4.22.

Analysts Set New Price Targets

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

InnovAge Stock Up 0.2 %

The firm has a market cap of $575.24 million, a P/E ratio of -17.96 and a beta of 0.35. The stock’s 50 day simple moving average is $4.26 and its 200 day simple moving average is $4.93. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.25 and a current ratio of 1.25.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $193.07 million during the quarter, compared to analyst estimates of $188.64 million. InnovAge had a negative net margin of 4.16% and a negative return on equity of 10.51%. Research analysts anticipate that InnovAge Holding Corp. will post -0.17 EPS for the current year.

Institutional Trading of InnovAge

A hedge fund recently raised its stake in InnovAge stock. Kent Lake Capital LLC lifted its position in InnovAge Holding Corp. (NASDAQ:INNV) by 20.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,402,323 shares of the company’s stock after acquiring an additional 238,551 shares during the quarter. InnovAge makes up approximately 3.2% of Kent Lake Capital LLC’s portfolio, making the stock its 13th largest position. Kent Lake Capital LLC owned about 1.03% of InnovAge worth $8,400,000 at the end of the most recent reporting period. 12.26% of the stock is owned by institutional investors.

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.