InnovAge (NASDAQ:INNV) Trading 4.4% Higher – Here’s Why

Shares of InnovAge Holding Corp. (NASDAQ:INNV) traded up 4.4% during trading on Wednesday . The company traded as high as $5.70 and last traded at $5.68. 4,849 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 38,194 shares. The stock had previously closed at $5.44.

InnovAge Trading Up 4.6 %

The business has a 50-day moving average price of $6.00 and a 200-day moving average price of $5.13. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $773.77 million, a P/E ratio of -23.67 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results on Tuesday, September 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01. InnovAge had a negative net margin of 2.79% and a negative return on equity of 7.43%. The firm had revenue of $199.40 million for the quarter, compared to analyst estimates of $190.19 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. Analysts anticipate that InnovAge Holding Corp. will post -0.01 earnings per share for the current year.

Insider Buying and Selling at InnovAge

In other InnovAge news, insider Nicole Damato sold 4,372 shares of the stock in a transaction on 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 transaction, the insider now directly owns 240,795 shares in the company, valued at $1,432,730.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On InnovAge

A number of hedge funds have recently added to or reduced their stakes in INNV. Rhumbline Advisers raised its position in shares of InnovAge by 7.0% during the second 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 last quarter. Renaissance Technologies LLC lifted its position in 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 purchasing an additional 4,100 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of InnovAge by 27.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after purchasing an additional 12,448 shares during the last quarter. Vanguard Group Inc. grew its position in shares of InnovAge by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock worth $8,182,000 after buying an additional 13,193 shares during the period. Finally, Kent Lake Capital LLC raised its stake in shares of InnovAge by 3.7% during the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock worth $7,770,000 after buying an additional 62,141 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

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.