InnovAge (NASDAQ:INNV) Shares Gap Down - Here's What Happened

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $4.40, but opened at $4.28. InnovAge shares last traded at $4.47, with a volume of 5,055 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on INNV shares. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $5.00 price target on shares of InnovAge in a research note on Tuesday. KeyCorp initiated coverage on InnovAge in a report on Friday, October 11th. They set a "sector weight" rating on the stock.

InnovAge Stock Performance

The stock has a market cap of $552.66 million, a price-to-earnings ratio of -34.00 and a beta of 0.31. The firm's 50-day moving average price is $5.38 and its two-hundred day moving average price is $5.55. 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 - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting 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 during the quarter, compared to analysts' expectations of $203.35 million. During the same quarter last year, the firm earned ($0.08) earnings per share. On average, analysts expect that InnovAge Holding Corp. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its stake in shares of InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company's stock valued at $136,000 after acquiring an additional 1,793 shares during the period. Renaissance Technologies LLC increased its holdings in InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company's stock valued at $677,000 after purchasing an additional 4,100 shares during the last quarter. Bank of New York Mellon Corp raised its position in InnovAge by 27.1% in 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. Barclays PLC lifted its stake in InnovAge by 289.0% during the third quarter. Barclays PLC now owns 25,614 shares of the company's stock worth $154,000 after purchasing an additional 19,029 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of InnovAge by 5.5% during the third quarter. Geode Capital Management LLC now owns 527,955 shares of the company's stock worth $3,168,000 after buying an additional 27,304 shares during the period. Institutional investors and hedge funds 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.