InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – Time to Buy?

InnovAge Holding Corp. (NASDAQ:INNV) shares saw an uptick in trading volume on Tuesday . 76,584 shares were traded during trading, an increase of 104% from the previous session’s volume of 37,524 shares.The stock last traded at $4.77 and had previously closed at $4.75.

Analysts Set New Price Targets

Separately, KeyCorp initiated coverage on InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Stock Performance

The stock has a market capitalization of $643.44 million, a PE ratio of -39.58 and a beta of 0.39. The company’s 50 day moving average price is $5.69 and its two-hundred day moving average price is $5.49. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21.

InnovAge (NASDAQ:INNV) last released its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.04). The business had revenue of $205.14 million for the quarter, compared to analyst estimates of $203.35 million. InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. During the same period last year, the company posted ($0.08) EPS. As a group, analysts expect that InnovAge Holding Corp. will post -0.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Nicole Damato sold 4,372 shares of the firm’s 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 sale, the insider now directly owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. This trade represents a 1.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. 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. Geode Capital Management LLC boosted its holdings in InnovAge by 5.5% during the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after acquiring an additional 27,304 shares during the period. State Street Corp grew its position in InnovAge by 1.2% in the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after acquiring an additional 4,218 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after purchasing an additional 6,153 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of InnovAge by 3.1% during the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares in the last quarter. Hedge funds and other institutional investors 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.