InnovAge Holding Corp. (NASDAQ:INNV) Sees Significant Increase in Short Interest

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 338,800 shares, a growth of 7.8% from the September 30th total of 314,300 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 43,600 shares, the short-interest ratio is presently 7.8 days.

InnovAge Stock Performance

NASDAQ:INNV opened at $5.80 on Friday. The company has a market cap of $785.88 million, a price-to-earnings ratio of -36.25 and a beta of 0.39. The company has a fifty day simple moving average of $5.95 and a two-hundred day simple moving average of $5.30. InnovAge has a 52 week low of $3.52 and a 52 week high of $6.61. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.27.

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

Wall Street Analyst Weigh In

Separately, KeyCorp assumed coverage on InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating on the stock.

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in INNV. Vanguard Group Inc. raised its holdings in InnovAge by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock worth $8,182,000 after purchasing an additional 13,193 shares in the last quarter. Kent Lake Capital LLC raised its stake in InnovAge by 3.7% during the 1st quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock worth $7,770,000 after acquiring an additional 62,141 shares in the last quarter. Renaissance Technologies LLC lifted its position in InnovAge by 3.1% in the second 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. Accordant Advisory Group Inc acquired a new position in InnovAge in the second quarter valued at $496,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of InnovAge by 27.1% during the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after purchasing an additional 12,448 shares during the last quarter. 12.26% of the stock is 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.