Insider Buying: InnovAge Holding Corp. (NASDAQ:INNV) COO Acquires 13,000 Shares of Stock

InnovAge Holding Corp. (NASDAQ:INNV) COO Michael Anthony Scarbrough purchased 13,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average price of $3.73 per share, for a total transaction of $48,490.00. Following the purchase, the chief operating officer now owns 23,000 shares in the company, valued at $85,790. The trade was a 130.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link.

Michael Anthony Scarbrough also recently made the following trade(s):

• On Friday, May 9th, Michael Anthony Scarbrough bought 10,000 shares of InnovAge stock. The shares were acquired at an average price of $3.55 per share, for a total transaction of $35,500.00.

InnovAge Stock Performance

Shares of NASDAQ:INNV opened at $4.10 on Thursday. The company’s 50 day moving average price is $3.09 and its two-hundred day moving average price is $3.83. InnovAge Holding Corp. has a 12-month low of $2.60 and a 12-month high of $6.69. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.27. The firm has a market cap of $553.55 million, a PE ratio of -21.58 and a beta of 0.40.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). InnovAge had a negative return on equity of 9.45% and a negative net margin of 3.19%. The firm had revenue of $218.14 million for the quarter, compared to the consensus estimate of $214.09 million. Equities research analysts predict that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Institutional Trading of InnovAge

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in InnovAge in the fourth quarter valued at approximately $43,000. Squarepoint Ops LLC bought a new position in InnovAge during the fourth quarter worth $68,000. Bank of America Corp DE boosted its holdings in shares of InnovAge by 42.4% during the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after buying an additional 5,936 shares in the last quarter. Barclays PLC increased its stake in InnovAge by 13.6% in the fourth quarter. Barclays PLC now owns 29,099 shares of the company’s stock valued at $115,000 after purchasing an additional 3,485 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in InnovAge in the fourth quarter valued at $123,000. 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.