InnovAge (NASDAQ:INNV) Trading Down 5.6% – What’s Next?

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price fell 5.6% during trading on Tuesday . The company traded as low as $5.13 and last traded at $5.1650. 49,205 shares were traded during trading, a decline of 25% from the average session volume of 65,579 shares. The stock had previously closed at $5.47.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a report on Wednesday, October 8th. JPMorgan Chase & Co. assumed coverage on shares of InnovAge in a report on Thursday, September 18th. They issued an “underweight” rating and a $5.00 price objective for the company. Finally, Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Sell” and a consensus target price of $5.00.

InnovAge Trading Down 8.0%

The firm has a market cap of $682.47 million, a P/E ratio of -38.77 and a beta of 0.57. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a fifty day moving average of $5.14 and a 200-day moving average of $4.36.

InnovAge (NASDAQ:INNV) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. InnovAge had a negative return on equity of 7.02% and a negative net margin of 1.96%.The firm had revenue of $236.11 million during the quarter, compared to the consensus estimate of $226.64 million. Equities research analysts forecast that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Insider Buying and Selling at InnovAge

In related news, COO Michael Anthony Scarbrough sold 33,000 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $4.90, for a total value of $161,700.00. Following the sale, the chief operating officer owned 119,617 shares of the company’s stock, valued at $586,123.30. This trade represents a 21.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue bought a new stake in shares of InnovAge during the third quarter valued at approximately $33,000. Police & Firemen s Retirement System of New Jersey bought a new position in InnovAge in the 2nd quarter worth approximately $32,000. JPMorgan Chase & Co. increased its position in InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after acquiring an additional 3,305 shares during the period. Bank of America Corp DE raised its stake in InnovAge by 42.4% during the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after acquiring an additional 5,936 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in InnovAge during the 2nd quarter worth $110,000. 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.