InnovAge (NASDAQ:INNV) Trading 4.2% Higher

InnovAge Holding Corp. (NASDAQ:INNV) traded up 4.2% on Wednesday . The stock traded as high as $6.20 and last traded at $6.20. 13,985 shares were traded during mid-day trading, a decline of 63% from the average session volume of 37,884 shares. The stock had previously closed at $5.95.

InnovAge Price Performance

The firm has a market cap of $829.53 million, a P/E ratio of -25.42 and a beta of 0.39. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average of $6.09 and a two-hundred day moving average of $5.04.

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

Insider Buying and Selling

In other InnovAge news, insider Nicole Damato sold 4,372 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $5.95, for a total value of $26,013.40. Following the sale, the insider now owns 240,795 shares in the company, valued at approximately $1,432,730.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On InnovAge

A number of institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its position 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 last quarter. Rhumbline Advisers grew its position 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 last quarter. Bank of New York Mellon Corp grew its position 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 last quarter. Accordant Advisory Group Inc bought a new stake in shares of InnovAge in the 2nd quarter valued at about $496,000. Finally, Kent Lake Capital LLC lifted its stake in shares of InnovAge by 3.7% in the 1st quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock valued at $7,770,000 after purchasing an additional 62,141 shares during the period. 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 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.