InnovAge (NASDAQ:INNV) Shares Up 5% – Here’s What Happened

Shares of InnovAge Holding Corp. (NASDAQ:INNV) rose 5% on Wednesday . The company traded as high as $5.01 and last traded at $5.01. Approximately 2,730 shares were traded during trading, a decline of 93% from the average daily volume of 37,955 shares. The stock had previously closed at $4.77.

Analysts Set New Price Targets

Separately, KeyCorp assumed coverage on InnovAge in a report on Friday, October 11th. They issued a “sector weight” rating on the stock.

InnovAge Price Performance

The firm has a market capitalization of $650.18 million, a PE ratio of -40.00 and a beta of 0.39. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27. The firm’s fifty day simple moving average is $5.65 and its 200-day simple moving average is $5.49.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The business had revenue of $205.14 million for the quarter, compared to analysts’ expectations of $203.35 million. During the same period in the prior year, the firm posted ($0.08) EPS. On average, research analysts forecast that InnovAge Holding Corp. will post -0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other InnovAge news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.95, for a total value of $26,013.40. Following the completion of the sale, the insider now owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. The trade was a 1.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On InnovAge

Institutional investors and hedge funds have recently modified their holdings of the company. Accordant Advisory Group Inc bought a new position in InnovAge in the second quarter valued at about $496,000. Geode Capital Management LLC lifted its stake in shares of InnovAge by 5.5% in the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock worth $3,168,000 after purchasing an additional 27,304 shares during the period. Barclays PLC boosted its holdings in shares of InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after buying an additional 19,029 shares during the last quarter. Vanguard Group Inc. grew its position in InnovAge by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock valued at $8,182,000 after buying an additional 13,193 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in InnovAge by 27.1% during the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after buying an additional 12,448 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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 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.