InnovAge (NASDAQ:INNV) Hits New 52-Week Low – Time to Sell?

InnovAge Holding Corp. (NASDAQ:INNV) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $3.12 and last traded at $3.36, with a volume of 110544 shares. The stock had previously closed at $3.69.

Analyst Ratings Changes

INNV has been the topic of several analyst reports. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $5.00 target price on shares of InnovAge in a research note on Tuesday, December 17th. KeyCorp assumed coverage on shares of InnovAge in a report on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Price Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21. The stock’s 50-day moving average is $4.04 and its two-hundred day moving average is $5.23.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, February 4th. The company reported ($0.10) EPS for the quarter. InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. Research analysts anticipate that InnovAge Holding Corp. will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On InnovAge

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of InnovAge by 5.5% in the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock worth $3,168,000 after acquiring an additional 27,304 shares during the last quarter. State Street Corp increased its stake in InnovAge by 1.2% in the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after buying an additional 4,218 shares during the period. Charles Schwab Investment Management Inc. increased its stake in InnovAge by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after buying an additional 6,153 shares during the period. Renaissance Technologies LLC increased its stake in InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after buying an additional 4,100 shares during the period. Finally, Barclays PLC increased its stake in InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after buying an additional 19,029 shares during the period. 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.