InnovAge (NASDAQ:INNV) Shares Down 5.5% – Here’s Why

Shares of InnovAge Holding Corp. (NASDAQ:INNV) dropped 5.5% during mid-day trading on Friday . The stock traded as low as $4.31 and last traded at $4.33. Approximately 21,272 shares changed hands during trading, a decline of 44% from the average daily volume of 38,194 shares. The stock had previously closed at $4.58.

Wall Street Analyst Weigh In

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

InnovAge Price Performance

The company’s 50-day simple moving average is $5.42 and its 200 day simple moving average is $5.53. The company has a market cap of $587.87 million, a PE ratio of -37.92 and a beta of 0.31. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The company 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 in the previous year, the business posted ($0.08) earnings per share. On average, sell-side analysts predict that InnovAge Holding Corp. will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Nicole Damato sold 4,372 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 240,795 shares in the company, valued at approximately $1,432,730.25. This represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its holdings in shares of InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after acquiring an additional 1,793 shares during the period. Barclays PLC boosted its stake in InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after purchasing an additional 19,029 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of InnovAge by 27.1% during the 2nd 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 period. Accordant Advisory Group Inc acquired a new stake in shares of InnovAge during the 2nd quarter valued at $496,000. Finally, Renaissance Technologies LLC boosted its stake 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 buying an additional 4,100 shares during the period. 12.26% of the stock is currently owned by 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.