InnovAge (NASDAQ:INNV) Reaches New 12-Month Low – Here’s Why

Shares of InnovAge Holding Corp. (NASDAQ:INNV) hit a new 52-week low during trading on Thursday . The company traded as low as $3.12 and last traded at $3.36, with a volume of 110544 shares trading hands. The stock had previously closed at $3.69.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. KeyCorp assumed coverage on shares of InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating on the stock. JPMorgan Chase & Co. reissued an “underweight” rating and set a $5.00 price target on shares of InnovAge in a research report on Tuesday, December 17th.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market cap of $444.95 million, a price-to-earnings ratio of -27.42 and a beta of 0.37. The stock has a 50-day moving average price of $4.01 and a 200 day moving average price of $5.21.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, February 4th. The company reported ($0.10) earnings per share for the quarter. InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. As a group, analysts anticipate that InnovAge Holding Corp. will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On InnovAge

A number of large investors have recently added to or reduced their stakes in INNV. SG Americas Securities LLC bought a new stake in shares of InnovAge in the fourth quarter valued at about $43,000. JPMorgan Chase & Co. raised its position in InnovAge by 191.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock valued at $148,000 after buying an additional 16,217 shares during the last quarter. Barclays PLC lifted its stake in InnovAge by 289.0% in the 3rd 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 position in InnovAge by 5.5% during the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock worth $3,168,000 after acquiring an additional 27,304 shares during the last quarter. Finally, State Street Corp grew its stake in shares of InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after acquiring an additional 4,218 shares in the last quarter. Institutional investors 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.