InnovAge (NASDAQ:INNV) Trading Down 4.6% – Here’s Why

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price fell 4.6% during mid-day trading on Monday . The stock traded as low as $3.89 and last traded at $3.84. 7,265 shares traded hands during trading, a decline of 86% from the average session volume of 52,830 shares. The stock had previously closed at $4.02.

InnovAge Stock Performance

The firm has a market capitalization of $519.80 million, a P/E ratio of -20.26 and a beta of 0.55. The company has a 50-day moving average of $3.38 and a 200-day moving average of $3.62. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.08) EPS 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 company had revenue of $218.14 million during the quarter, compared to analyst estimates of $214.09 million. On average, equities analysts anticipate that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Activity at InnovAge

In related news, COO Michael Anthony Scarbrough purchased 10,000 shares of the firm’s stock in a transaction on Friday, May 9th. The stock was purchased at an average cost of $3.55 per share, with a total value of $35,500.00. Following the completion of the purchase, the chief operating officer now owns 10,000 shares in the company, valued at approximately $35,500. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard C. Zoretic acquired 8,450 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were bought at an average cost of $4.08 per share, for a total transaction of $34,476.00. Following the transaction, the director now directly owns 68,494 shares in the company, valued at approximately $279,455.52. This represents a 14.07% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 71,653 shares of company stock worth $281,922 over the last quarter. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Strs Ohio acquired a new position in shares of InnovAge during the first quarter worth approximately $186,000. Jane Street Group LLC raised its holdings in InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after buying an additional 7,429 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of InnovAge by 41.2% in the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company’s stock valued at $283,000 after buying an additional 27,674 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of InnovAge during the first quarter valued at about $166,000. Finally, Topline Capital Management LLC increased its position in shares of InnovAge by 19.4% during the first quarter. Topline Capital Management LLC now owns 70,143 shares of the company’s stock worth $209,000 after acquiring an additional 11,403 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.