Cambiar Investors LLC Decreases Stake in InnovAge Holding Corp. (NASDAQ:INNV)

Cambiar Investors LLC cut its holdings in shares of InnovAge Holding Corp. (NASDAQ:INNV) by 7.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 275,369 shares of the company’s stock after selling 23,575 shares during the quarter. Cambiar Investors LLC owned approximately 0.20% of InnovAge worth $1,082,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of InnovAge by 5.5% during the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after buying an additional 27,304 shares in the last quarter. State Street Corp raised its holdings in InnovAge by 1.2% during the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after acquiring an additional 4,218 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of InnovAge by 3.9% during the third 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 in the last quarter. Barclays PLC boosted its holdings in shares of InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after acquiring an additional 19,029 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of InnovAge by 191.5% in the third quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company’s stock valued at $148,000 after purchasing an additional 16,217 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. restated an “underweight” rating and issued a $5.00 target price on shares of InnovAge in a research note on Tuesday, December 17th.

InnovAge Price Performance

Shares of NASDAQ:INNV opened at $3.36 on Wednesday. InnovAge Holding Corp. has a 12 month low of $3.12 and a 12 month high of $6.69. The company has a current ratio of 1.16, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a market cap of $454.42 million, a P/E ratio of -17.68 and a beta of 0.37. The company has a 50 day moving average of $3.92 and a 200 day moving average of $5.14.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, February 4th. The company reported ($0.10) earnings per share for the quarter. InnovAge had a negative return on equity of 9.45% and a negative net margin of 3.19%. As a group, sell-side analysts forecast that InnovAge Holding Corp. will post -0.09 EPS for the current fiscal year.

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 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.