InnovAge (NASDAQ:INNV) Sees Unusually-High Trading Volume – Here’s What Happened

InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-strong trading volume on Tuesday . Approximately 76,584 shares traded hands during trading, an increase of 104% from the previous session’s volume of 37,524 shares.The stock last traded at $4.77 and had previously closed at $4.75.

Wall Street Analysts Forecast Growth

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

InnovAge Price Performance

The stock’s 50 day moving average is $5.69 and its two-hundred day moving average is $5.49. The stock has a market capitalization of $643.44 million, a PE ratio of -39.58 and a beta of 0.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The business had revenue of $205.14 million for the quarter, compared to the consensus estimate of $203.35 million. During the same quarter in the prior year, the business posted ($0.08) EPS. As a group, sell-side analysts forecast that InnovAge Holding Corp. will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Nicole Damato sold 4,372 shares of InnovAge 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 transaction, the insider now directly owns 240,795 shares of the company’s stock, valued at $1,432,730.25. The trade was a 1.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of INNV. Rhumbline Advisers grew its holdings 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. Barclays PLC grew its stake in shares of InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after purchasing an additional 19,029 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of InnovAge by 27.1% in the second 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. Accordant Advisory Group Inc purchased a new stake in shares of InnovAge during the second quarter worth approximately $496,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of InnovAge by 3.1% during the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares during the period. 12.26% of the stock is currently 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.