InnovAge (NASDAQ:INNV) Trading Down 3.2%

InnovAge Holding Corp. (NASDAQ:INNV) dropped 3.2% during mid-day trading on Monday . The stock traded as low as $5.80 and last traded at $5.80. Approximately 515 shares traded hands during trading, a decline of 99% from the average daily volume of 38,578 shares. The stock had previously closed at $5.99.

InnovAge Price Performance

The business has a 50-day moving average of $6.08 and a 200 day moving average of $5.10. The firm has a market capitalization of $766.97 million, a P/E ratio of -23.50 and a beta of 0.39. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV) last issued its earnings results on Tuesday, September 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. InnovAge had a negative return on equity of 7.43% and a negative net margin of 2.79%. The company had revenue of $199.40 million for the quarter, compared to analysts’ expectations of $190.19 million. During the same period last year, the business earned ($0.09) EPS. On average, sell-side analysts predict that InnovAge Holding Corp. will post -0.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other InnovAge news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $5.95, for a total transaction of $26,013.40. Following the completion of the transaction, the insider now owns 240,795 shares in the company, valued at approximately $1,432,730.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On InnovAge

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of InnovAge by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock worth $8,182,000 after buying an additional 13,193 shares during the last quarter. Kent Lake Capital LLC boosted its stake in InnovAge by 3.7% in the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock valued at $7,770,000 after acquiring an additional 62,141 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of InnovAge by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after acquiring an additional 4,100 shares during the period. Accordant Advisory Group Inc purchased a new stake in shares of InnovAge during the 2nd quarter worth approximately $496,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of InnovAge by 27.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after purchasing an additional 12,448 shares during the period. Institutional investors own 12.26% of the company’s stock.

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 their 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.