InnovAge (NASDAQ:INNV) Stock Price Down 3.3% – Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price dropped 3.3% on Tuesday . The company traded as low as $4.08 and last traded at $4.08. Approximately 17,901 shares were traded during trading, a decline of 57% from the average daily volume of 41,605 shares. The stock had previously closed at $4.22.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. 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 initiated coverage on shares of InnovAge in a report on Friday, October 11th. They set a “sector weight” rating on the stock.

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 firm’s fifty day moving average is $5.20 and its two-hundred day moving average is $5.53. The company has a market cap of $549.95 million, a P/E ratio of -33.83 and a beta of 0.31.

InnovAge (NASDAQ:INNV) last issued its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The company had revenue of $205.14 million for the quarter, compared to the consensus estimate of $203.35 million. During the same quarter last year, the company earned ($0.08) EPS. As a group, analysts anticipate that InnovAge Holding Corp. will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in InnovAge by 5.5% during the third quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after purchasing an additional 27,304 shares during the last quarter. State Street Corp raised its position in shares of 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 buying an additional 4,218 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in InnovAge by 3.9% in 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. Renaissance Technologies LLC increased its stake in InnovAge by 3.1% during the second 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 last quarter. Finally, Bank of New York Mellon Corp raised its position in InnovAge by 27.1% during the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after purchasing an additional 12,448 shares during the period. 12.26% of the stock is owned by institutional investors.

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.