InnovAge (NASDAQ:INNV) Now Covered by KeyCorp

Investment analysts at KeyCorp began coverage on shares of InnovAge (NASDAQ:INNV) in a research note issued to investors on Friday, MarketBeat reports. The brokerage set a “sector weight” rating on the stock.

InnovAge Price Performance

Shares of INNV stock opened at $5.93 on Friday. The stock’s fifty day moving average is $5.97 and its 200-day moving average is $5.16. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.25 and a current ratio of 1.25. InnovAge has a 52 week low of $3.52 and a 52 week high of $6.71. The stock has a market capitalization of $804.23 million, a PE ratio of -37.06 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, September 10th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates 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 prior year, the firm earned ($0.09) EPS. Equities research analysts expect that InnovAge will post -0.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction on Monday, September 16th. The stock was 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 directly owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.41% of the company’s stock.

Institutional Trading of InnovAge

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INNV. Accordant Advisory Group Inc bought a new position in shares of InnovAge in the 2nd quarter valued at about $496,000. Kent Lake Capital LLC lifted its holdings in InnovAge by 3.7% in the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock valued at $7,770,000 after buying an additional 62,141 shares during the period. Vanguard Group Inc. boosted its stake in InnovAge by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock valued at $8,182,000 after acquiring an additional 13,193 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after acquiring an additional 12,448 shares during the period. Finally, Renaissance Technologies LLC raised its position 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 acquiring an additional 4,100 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.