InnovAge (NASDAQ:INNV) Stock Price Down 0.3% – Here’s Why

InnovAge Holding Corp. (NASDAQ:INNV)’s share price fell 0.3% during mid-day trading on Monday . The stock traded as low as $3.33 and last traded at $3.48. 68,711 shares changed hands during trading, an increase of 50% from the average session volume of 45,724 shares. The stock had previously closed at $3.49.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $5.00 price target on shares of InnovAge in a report on Tuesday, December 17th.

InnovAge Price Performance

The firm has a market cap of $470.65 million, a P/E ratio of -18.32 and a beta of 0.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.16 and a quick ratio of 1.16. The company has a fifty day moving average of $3.57 and a 200-day moving average of $4.80.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, February 4th. The company reported ($0.10) earnings per share (EPS) for the quarter. InnovAge had a negative net margin of 3.19% and a negative return on equity of 9.45%. On average, sell-side analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Barclays PLC grew its stake in InnovAge by 13.6% in the 4th quarter. Barclays PLC now owns 29,099 shares of the company’s stock valued at $115,000 after purchasing an additional 3,485 shares during the period. 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 during the period. Bank of America Corp DE grew its stake in shares of InnovAge by 42.4% during the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after acquiring an additional 5,936 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of InnovAge by 3.9% during the 3rd 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 during the period. Finally, SG Americas Securities LLC bought a new position in shares of InnovAge during the 4th quarter worth $43,000. 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.