InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Down 7.5% in November

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a significant drop in short interest in November. As of November 15th, there was short interest totalling 303,300 shares, a drop of 7.5% from the October 31st total of 327,900 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average trading volume of 39,700 shares, the days-to-cover ratio is currently 7.6 days.

InnovAge Price Performance

INNV opened at $4.77 on Wednesday. The company’s 50-day simple moving average is $5.56 and its two-hundred day simple moving average is $5.53. InnovAge has a 52-week low of $3.52 and a 52-week high of $6.69. The stock has a market capitalization of $646.14 million, a P/E ratio of -39.75 and a beta of 0.31. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. The company had revenue of $205.14 million for the quarter, compared to the consensus estimate of $203.35 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. As a group, analysts predict that InnovAge will post -0.03 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, insider Nicole Damato sold 4,372 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.95, for a total transaction of $26,013.40. Following the sale, the insider now owns 240,795 shares in the company, valued at $1,432,730.25. This represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of InnovAge

Several large investors have recently modified their holdings of INNV. Rhumbline Advisers lifted its holdings in InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after acquiring an additional 1,793 shares during the period. Renaissance Technologies LLC lifted its stake in shares of InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares during the period. State Street Corp boosted its holdings in shares of InnovAge by 1.2% in the third quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after buying an additional 4,218 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after buying an additional 6,153 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in InnovAge by 27.1% during the second 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. 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.