InnovAge (NASDAQ:INNV) Trading 4.4% Higher – Still a Buy?

InnovAge Holding Corp. (NASDAQ:INNV) shares rose 4.4% during mid-day trading on Wednesday . The company traded as high as $5.70 and last traded at $5.68. Approximately 4,849 shares were traded during trading, a decline of 87% from the average daily volume of 38,194 shares. The stock had previously closed at $5.44.

InnovAge Price Performance

The company has a market capitalization of $773.77 million, a price-to-earnings ratio of -23.67 and a beta of 0.39. The company has a 50-day moving average price of $6.00 and a 200-day moving average price of $5.13. 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 (NASDAQ:INNV) last issued its earnings results on Tuesday, September 10th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. The firm had revenue of $199.40 million during 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 quarter in the prior year, the firm earned ($0.09) earnings per share. On average, equities research analysts expect that InnovAge Holding Corp. will post -0.01 EPS for the current fiscal year.

Insider Activity

In other news, insider Nicole Damato sold 4,372 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.95, for a total value of $26,013.40. Following the completion of the transaction, the insider now owns 240,795 shares of the company’s stock, valued at $1,432,730.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On InnovAge

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Accordant Advisory Group Inc bought a new stake in InnovAge during the 2nd quarter worth about $496,000. Kent Lake Capital LLC lifted its position 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 buying an additional 62,141 shares in the last quarter. Vanguard Group Inc. lifted its position in InnovAge by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock worth $8,182,000 after buying an additional 13,193 shares in the last quarter. Bank of New York Mellon Corp lifted its position 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 buying an additional 12,448 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in InnovAge by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after buying an additional 4,100 shares in 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.