InnovAge (NASDAQ:INNV) Trading Down 3.2%

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price fell 3.2% on Monday . The company traded as low as $5.80 and last traded at $5.80. 515 shares were traded during trading, a decline of 99% from the average session volume of 38,578 shares. The stock had previously closed at $5.99.

InnovAge Trading Up 1.3 %

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 company has a market capitalization of $825.45 million, a price-to-earnings ratio of -24.96 and a beta of 0.39. The firm has a fifty day moving average price of $6.09 and a 200-day moving average price of $5.09.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, September 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The firm had revenue of $199.40 million for the quarter, compared to the consensus estimate 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 period in the prior year, the company posted ($0.09) earnings per share. As a group, equities analysts anticipate that InnovAge Holding Corp. will post -0.01 EPS for the current year.

Insider Activity at InnovAge

In other InnovAge news, insider Nicole Damato sold 4,372 shares of the firm’s 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 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 document filed with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On InnovAge

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its stake in shares of InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after buying an additional 1,793 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after acquiring an additional 12,448 shares in the last quarter. Accordant Advisory Group Inc bought a new stake in InnovAge during the 2nd quarter worth $496,000. Renaissance Technologies LLC increased its holdings in 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 in the last quarter. Finally, Kent Lake Capital LLC raised its position 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 purchasing an additional 62,141 shares during the last quarter. 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.