InnovAge (NASDAQ:INNV) Trading 5.7% Higher – Here’s What Happened

Shares of InnovAge Holding Corp. (NASDAQ:INNV) shot up 5.7% during trading on Monday . The company traded as high as $5.60 and last traded at $5.71. 161,335 shares traded hands during trading, an increase of 129% from the average session volume of 70,521 shares. The stock had previously closed at $5.40.

Analyst Ratings Changes

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

InnovAge Stock Up 8.1%

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 company has a market cap of $792.37 million, a PE ratio of -44.92 and a beta of 0.57. The company’s fifty day moving average is $5.17 and its 200-day moving average is $4.43.

InnovAge (NASDAQ:INNV) last announced its earnings results on Tuesday, November 4th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $236.11 million for the quarter, compared to analysts’ expectations of $226.64 million. On average, analysts predict that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Insiders Place Their Bets

In other InnovAge news, COO Michael Anthony Scarbrough sold 33,000 shares of the business’s stock in a transaction dated 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 sale, the chief operating officer owned 119,617 shares of the company’s stock, valued at approximately $586,123.30. The trade was a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

Institutional Trading of InnovAge

Several institutional investors and hedge funds have recently modified their holdings of the company. Police & Firemen s Retirement System of New Jersey bought a new position in InnovAge in the 2nd quarter worth $32,000. State of Alaska Department of Revenue purchased a new position in InnovAge in the 3rd quarter worth approximately $33,000. Bank of America Corp DE boosted 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 worth $78,000 after purchasing an additional 5,936 shares during the period. JPMorgan Chase & Co. boosted its stake in InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after purchasing an additional 3,305 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of InnovAge during the second quarter valued at approximately $110,000. 12.26% of the stock is currently owned by 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.