InnovAge (NASDAQ:INNV) Trading Down 2.6% - Here's What Happened

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s share price was down 2.6% on Thursday . The stock traded as low as $7.78 and last traded at $7.92. Approximately 357,128 shares were traded during trading, a decline of 4% from the average daily volume of 372,842 shares. The stock had previously closed at $8.13.Wall Street Analyst Weigh InSeveral brokerages recently issued reports on INNV. Zacks Research raised InnovAge from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 4th. Weiss Ratings raised InnovAge from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, February 5th. Finally, JPMorgan Chase & Co. upped their target price on InnovAge from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, InnovAge currently has a consensus rating of "Hold" and an average price target of $7.00.Get Our Latest Stock Report on InnovAgeInnovAge Stock Down 2.6%The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. The firm has a market cap of $1.07 billion, a PE ratio of 158.43 and a beta of 0.46. The business's 50-day simple moving average is $7.82 and its 200 day simple moving average is $6.10. InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. The firm had revenue of $239.71 million during the quarter, compared to analysts' expectations of $228.30 million. InnovAge had a net margin of 0.71% and a return on equity of 2.60%. As a group, equities research analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current year. Institutional Inflows and OutflowsA number of institutional investors and hedge funds have recently made changes to their positions in INNV. Police & Firemen s Retirement System of New Jersey bought a new position in shares of InnovAge in the 2nd quarter worth $32,000. State of Alaska Department of Revenue bought a new stake in InnovAge during the third quarter valued at about $33,000. CIBC Asset Management Inc purchased a new position in InnovAge in the fourth quarter valued at about $57,000. Invesco Ltd. purchased a new position in InnovAge in the fourth quarter valued at about $57,000. Finally, Deutsche Bank AG raised its holdings in InnovAge by 15.1% in the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company's stock worth $66,000 after purchasing an additional 1,679 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors. InnovAge Company Profile (Get Free Report)InnovAge Holdings, Inc NASDAQ: INNV is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants' homes and community-based centers. InnovAge's approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities. The company's core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.Featured ArticlesFive stocks we like better than InnovAgeThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in InnovAge Right Now?Before you consider InnovAge, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and InnovAge wasn't on the list.While InnovAge currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here