InnovAge (NASDAQ:INNV) Shares Gap Up – What’s Next?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $5.82, but opened at $5.95. InnovAge shares last traded at $5.95, with a volume of 1,223 shares.

Analysts Set New Price Targets

Separately, KeyCorp assumed coverage on shares of InnovAge in a research note on Friday, October 11th. They issued a “sector weight” rating on the stock.

InnovAge Price Performance

The company has a market capitalization of $794.17 million, a price-to-earnings ratio of -24.38 and a beta of 0.39. The business has a fifty day moving average price of $5.99 and a 200 day moving average price of $5.22. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.25 and a quick ratio of 1.25.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, September 10th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $199.40 million for the quarter, compared to the consensus estimate of $190.19 million. InnovAge had a negative net margin of 2.79% and a negative return on equity of 7.43%. During the same period in the previous year, the firm earned ($0.09) EPS. On average, research analysts expect that InnovAge Holding Corp. will post -0.01 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Nicole Damato sold 4,372 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.95, for a total transaction of $26,013.40. Following the completion of the sale, the insider now owns 240,795 shares in the company, valued at approximately $1,432,730.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INNV. Accordant Advisory Group Inc acquired a new position in InnovAge in the 2nd quarter worth approximately $496,000. Kent Lake Capital LLC grew its holdings in shares of InnovAge by 3.7% during the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock valued at $7,770,000 after buying an additional 62,141 shares in the last quarter. Vanguard Group Inc. raised its position in InnovAge by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock valued at $8,182,000 after buying an additional 13,193 shares during the period. Bank of New York Mellon Corp lifted its stake in InnovAge by 27.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after acquiring an additional 12,448 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in InnovAge by 3.1% during 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 during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.