InnovAge (NASDAQ:INNV) Trading Up 5% – Should You Buy?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) traded up 5% on Wednesday . The company traded as high as $5.01 and last traded at $5.01. 2,730 shares were traded during trading, a decline of 93% from the average session volume of 37,955 shares. The stock had previously closed at $4.77.

Analyst Upgrades and Downgrades

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

InnovAge Price Performance

The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a 50 day simple moving average of $5.65 and a 200-day simple moving average of $5.49. The firm has a market cap of $650.18 million, a PE ratio of -40.00 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last released its earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The firm had revenue of $205.14 million during the quarter, compared to analysts’ expectations of $203.35 million. During the same quarter last year, the business posted ($0.08) earnings per share. Equities analysts anticipate that InnovAge Holding Corp. will post -0.03 earnings per share for the current fiscal year.

Insider Transactions at InnovAge

In related news, insider Nicole Damato sold 4,372 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $5.95, for a total value of $26,013.40. Following the sale, the insider now directly owns 240,795 shares in the company, valued at approximately $1,432,730.25. The trade was a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.

Institutional Trading of InnovAge

A number of large investors have recently added to or reduced their stakes in INNV. Rhumbline Advisers grew its holdings in shares of InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after purchasing an additional 1,793 shares in 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 worth $154,000 after buying an additional 19,029 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of InnovAge by 27.1% in 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 during the last quarter. Accordant Advisory Group Inc purchased a new stake in shares of InnovAge during the 2nd quarter valued at about $496,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after acquiring an additional 4,100 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

InnovAge Company Profile

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.