InnovAge (NASDAQ:INNV) Shares Gap Down – Time to Sell?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price gapped down before the market opened on Friday . The stock had previously closed at $6.17, but opened at $5.97. InnovAge shares last traded at $5.97, with a volume of 3,441 shares traded.

Analyst Ratings Changes

Separately, KeyCorp started coverage on InnovAge in a research note on Friday, October 11th. They issued a “sector weight” rating for the company.

InnovAge Trading Up 0.8 %

The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.27. The firm has a market cap of $818.65 million, a P/E ratio of -25.08 and a beta of 0.39. The firm’s 50-day simple moving average is $5.99 and its 200 day simple moving average is $5.21.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results 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 company had revenue of $199.40 million for the quarter, compared to analysts’ expectations of $190.19 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. As a group, analysts expect that InnovAge Holding Corp. will post -0.01 earnings per share for the current year.

Insider Buying and Selling at InnovAge

In other news, insider Nicole Damato sold 4,372 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 240,795 shares in the company, valued at approximately $1,432,730.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of InnovAge

A number of institutional investors have recently modified their holdings of INNV. Accordant Advisory Group Inc purchased a new position in InnovAge in the 2nd quarter valued at approximately $496,000. Kent Lake Capital LLC boosted its holdings in shares of InnovAge by 3.7% in the first 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 during the period. Vanguard Group Inc. grew its position in shares of 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 purchasing an additional 13,193 shares in the last quarter. Bank of New York Mellon Corp raised its stake 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 purchasing an additional 12,448 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings 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 purchasing an additional 4,100 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.