InnovAge (NASDAQ:INNV) Stock Price Down 3.3% – Time to Sell?

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

Analysts Set New Price Targets

Several brokerages have recently commented on INNV. KeyCorp began coverage on InnovAge in a research note on Friday, October 11th. They issued 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 report on Tuesday, December 17th.

InnovAge Price Performance

The business’s 50-day simple moving average is $5.20 and its two-hundred day simple moving average is $5.53. 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 cap of $549.95 million, a P/E ratio of -33.83 and a beta of 0.31.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INNV. Barclays PLC raised 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 valued at $154,000 after acquiring an additional 19,029 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of InnovAge by 5.5% during the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after purchasing an additional 27,304 shares in the last quarter. State Street Corp increased its position in shares of InnovAge by 1.2% during the third 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 period. Charles Schwab Investment Management Inc. raised its stake in InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after buying an additional 6,153 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after acquiring an additional 4,100 shares in the last quarter. 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 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.