InnovAge (NASDAQ:INNV) Sees Unusually-High Trading Volume

InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-high trading volume on Friday . Approximately 35,452 shares were traded during trading, a decline of 7% from the previous session’s volume of 38,166 shares.The stock last traded at $6.04 and had previously closed at $6.10.

InnovAge Trading Up 0.3 %

The company has a 50 day moving average of $6.09 and a two-hundred day moving average of $5.04. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a market capitalization of $832.25 million, a PE ratio of -25.42 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, September 10th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. InnovAge had a negative return on equity of 7.43% and a negative net margin of 2.79%. The firm had revenue of $199.40 million for the quarter, compared to the consensus estimate of $190.19 million. During the same period in the previous year, the business earned ($0.09) EPS.

Insider Buying and Selling

In other InnovAge news, insider Nicole Damato sold 4,372 shares of InnovAge 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 owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.41% of the stock is owned by company insiders.

Institutional Trading of InnovAge

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INNV. Vanguard Group Inc. lifted its holdings in shares of InnovAge by 0.7% in the 1st 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. Renaissance Technologies LLC lifted its holdings in shares of InnovAge by 3.1% in 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. Rhumbline Advisers lifted 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 valued at $136,000 after buying an additional 1,793 shares during the period. Bank of New York Mellon Corp lifted its holdings 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 buying an additional 12,448 shares during the period. Finally, Accordant Advisory Group Inc acquired a new position in shares of InnovAge in the 2nd quarter valued at about $496,000. Institutional investors and hedge funds 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 their 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.