InnovAge (NASDAQ:INNV) Trading Down 0.2% – What’s Next?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price was down 0.2% during mid-day trading on Thursday . The stock traded as low as $5.85 and last traded at $5.94. Approximately 110,045 shares traded hands during trading, an increase of 29% from the average daily volume of 85,507 shares. The stock had previously closed at $5.95.

Wall Street Analyst Weigh In

Several equities research analysts have commented on INNV shares. Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a report on Thursday. Two research analysts have rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell” and a consensus price target of $5.00.

InnovAge Stock Performance

The business’s 50-day simple moving average is $5.43 and its two-hundred day simple moving average is $4.78. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.25. The firm has a market cap of $791.01 million, a price-to-earnings ratio of -44.85 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last posted its earnings results on Tuesday, November 4th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $236.11 million for the quarter, compared to analysts’ expectations of $226.64 million. InnovAge had a negative return on equity of 7.02% and a negative net margin of 1.96%. As a group, sell-side analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Activity at InnovAge

In other news, COO Michael Anthony Scarbrough sold 33,000 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $4.90, for a total transaction of $161,700.00. Following the completion of the transaction, the chief operating officer directly owned 119,617 shares of the company’s stock, valued at $586,123.30. This represents a 21.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On InnovAge

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after purchasing an additional 3,305 shares in the last quarter. Vanguard Group Inc. lifted its stake in InnovAge by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock valued at $5,801,000 after buying an additional 4,239 shares in the last quarter. Bank of America Corp DE lifted its stake in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after buying an additional 5,936 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in InnovAge in the 3rd quarter worth about $33,000. Finally, Jane Street Group LLC increased its stake in InnovAge by 18.9% during the 1st quarter. Jane Street Group LLC now owns 46,827 shares of the company’s stock worth $140,000 after buying an additional 7,429 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About InnovAge

InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.

The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.