InnovAge (NASDAQ:INNV) Shares Gap Up – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $3.75, but opened at $4.00. InnovAge shares last traded at $4.04, with a volume of 19,114 shares traded.

Analyst Upgrades and Downgrades

INNV has been the subject of a number of analyst reports. KeyCorp started coverage on InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating for the company. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $5.00 target price on shares of InnovAge in a research note on Tuesday.

InnovAge Stock Performance

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $507.96 million, a P/E ratio of -31.25 and a beta of 0.31. The stock’s 50 day moving average price is $5.31 and its 200-day moving average price is $5.54.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The company had revenue of $205.14 million for the quarter, compared to analysts’ expectations of $203.35 million. During the same period last year, the firm earned ($0.08) earnings per share. As a group, equities research analysts expect that InnovAge Holding Corp. will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

Several large investors have recently bought and sold shares of INNV. Rhumbline Advisers grew its holdings in shares of InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares during the last quarter. Barclays PLC grew its holdings in shares of InnovAge by 289.0% during the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after purchasing an additional 19,029 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of InnovAge by 27.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after purchasing an additional 12,448 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of InnovAge by 3.1% in the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after acquiring an additional 4,100 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after acquiring an additional 6,153 shares in the last quarter. 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.