InnovAge (NASDAQ:INNV) Shares Gap Up – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV) shares gapped up prior to trading on Thursday . The stock had previously closed at $3.75, but opened at $4.00. InnovAge shares last traded at $4.04, with a volume of 19,114 shares trading hands.

Wall Street Analysts Forecast Growth

INNV has been the topic of several analyst reports. KeyCorp assumed coverage on shares of InnovAge in a research report on Friday, October 11th. They set a “sector weight” rating on the stock. JPMorgan Chase & Co. restated an “underweight” rating and issued a $5.00 price target on shares of InnovAge in a research note on Tuesday.

InnovAge Stock Up 18.7 %

The stock has a market cap of $567.56 million, a price-to-earnings ratio of -34.92 and a beta of 0.31. The business’s 50 day moving average is $5.24 and its 200-day moving average is $5.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21.

InnovAge (NASDAQ:INNV) last released its earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, hitting analysts’ consensus estimates of ($0.04). The business had revenue of $205.14 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the company earned ($0.08) earnings per share. On average, sell-side analysts predict that InnovAge Holding Corp. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INNV. Bank of New York Mellon Corp grew its stake in InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after acquiring an additional 12,448 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of InnovAge by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of 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 purchasing an additional 4,100 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after purchasing an additional 6,153 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of InnovAge by 1.2% in the third quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after purchasing an additional 4,218 shares during the last quarter. 12.26% of the stock is 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.