InnovAge (NASDAQ:INNV) Sees Large Volume Increase

Shares of InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-high trading volume on Monday . Approximately 32,979 shares traded hands during trading, an increase of 3% from the previous session’s volume of 32,045 shares.The stock last traded at $5.51 and had previously closed at $5.10.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. decreased their price target on 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 Down 2.5 %

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a market capitalization of $681.31 million, a P/E ratio of -20.87 and a beta of 0.39. The firm’s fifty day moving average price is $4.56 and its 200-day moving average price is $4.85.

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

Institutional Trading of InnovAge

A hedge fund recently raised its stake in InnovAge stock. Kent Lake Capital LLC grew its position in InnovAge Holding Corp. (NASDAQ:INNV) by 3.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,750,000 shares of the company’s stock after buying an additional 62,141 shares during the quarter. InnovAge makes up approximately 3.4% of Kent Lake Capital LLC’s portfolio, making the stock its 10th largest position. Kent Lake Capital LLC owned approximately 1.29% of InnovAge worth $7,770,000 at the end of the most recent reporting period. Institutional investors own 12.26% of the company’s stock.

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.